Wage Premiums and Profit Maximization in Efficiency Wage Models.
The standard shirking model of efficiency wages is essentially a continuous-time, repeated prisoners' dilemma game. Thus, to sustain an equilibrium with employment requires sufficient gains from future cooperation. Each division of these gains corresponds to some equilibrium. Efficiency wages c...
| Main Authors: | , |
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| Format: | Journal article |
| Language: | English |
| Published: |
1993
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