Contracts, Hold-Up and Labor Markets.
The implications for labor markets of contracts to avoid hold-up of investments are assessed. Employment at will protects the returns on a firm's general and specific investments without wages increasing with tenure. With turnover costs, fixed but renegotiable wages can protect general investme...
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| Format: | Working paper |
| Language: | English |
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School of Social Sciences (University of Southampton)
1997
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