In this setting, wages are determined by workers' outside options, by quasi-rent
(firm profits evaluated at the opportunity cost of labour) and by relative bargaining power of the parties involved (Hildreth and Oswald, 1997).
They intermediate, by all means, but most of them do so because, at the root of their job, they behave as quasi-rent
In practice, these tactics and more have been attempted in job actions, but all are costly and uncertain; they might reduce the returns to opportunism, but they will not alter the fundamental lesson that the quasi-rent
value of fixed and durable capital is vulnerable to appropriation by unions, and is thus more secure when and where unions are less powerful.
DeAngelo (1981) argues on the association between quasi-rent
and lowballing in her analytical setting.
The total measure can be interpreted as the (annual) quasi-rent
transfers received by Greek producers, as compared to their foreign competitors, due to the differences in the prices of cotton-yarn and the differences in the cost of labor.
The second volume begins with a focus on divorce and includes discussion of the economic costs of divorce, debates over the influence of no-fault divorce on divorce rates, quasi-rent
extraction behavior by men during the early stages of marriage as an incentive for divorce, expectations about child custody and its influence on which spouse files for divorce, and the economic rationale for alimony as a recoupment of losses suffered because of the marriage and investments made in the household rather than one's career.
The margin over short-run variable cost, also known as quasi-rent
, determines whether a firm is earning enough to justify its investment in fixed assets.
These include: shirking, adverse selection, information flow, inefficient risk bearing, free-riding, and quasi-rent
Assuming that restricted and negotiated procedures introduce the idea of preferential purchasing and by using buy-national policies (that is, repeated contracts and high prices), a flow of quasi-rent
can take place.
Such inclusiveness is essential to capture the very essence of Pareto safety for heterogenous firms - firm-level quasi-rent
implications of switching to ITQ management.
The crux of our argument is that a union representing one type of worker at a plant can by itself extract most of the quasi-rent
, as long as the elasticity of substitution between inputs is sufficiently low in the short run.
9) For future reference, note also that, since price tends to a as quantity tends to 0, [Phi] [equivalent to] a - v(1 + i) constitutes an upper-bound on the quasi-rent
per unit, so that, from (3), [Phi][Mu] is an upper-bound on the rate of change of production, these upper-bounds being 'strict' since a zero output implies a zero price.