Monopsony in spatial equilibrium

IF 3.5 2区 经济学 Q1 ECONOMICS Regional Science and Urban Economics Pub Date : 2023-11-16 DOI:10.1016/j.regsciurbeco.2023.103956
Matthew E. Kahn , Joseph Tracy
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Abstract

An emerging labor economics literature examines the consequences of firms exercising market power in local labor markets. The extent of this market power is likely to vary across local labor markets. In choosing what local labor market to live and work in, workers tradeoff wages, house prices and local amenities. Building on the Rosen/Roback spatial equilibrium model, we investigate how the existence of local monopsony power affects the cross-sectional spatial distribution of house prices across cities. We find that house prices decline with increases in the employment concentration in the local market. For renters, this offsets roughly 70 percent of the estimated monopsony wage effect and shifts part of the costs of monopsony to homeowners. We find evidence that collective bargaining and minimum wages limit the extent of capitalization of monopsony power into house prices.

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空间平衡中的垄断
新兴的劳动经济学文献研究了企业在当地劳动力市场中行使市场力量的后果。这种市场力量的程度可能因当地劳动力市场而异。在选择在当地哪个劳动力市场生活和工作时,工人们权衡了工资、房价和当地的便利设施。在Rosen/Roback空间均衡模型的基础上,研究了地方垄断权力的存在对城市房价横截面空间分布的影响。我们发现房价随着当地市场就业集中度的增加而下降。对于租房者来说,这抵消了大约70%的垄断工资效应,并将部分垄断成本转嫁给了房主。我们发现证据表明,集体谈判和最低工资限制了垄断力量资本化到房价的程度。
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来源期刊
CiteScore
5.30
自引率
9.70%
发文量
63
期刊介绍: Regional Science and Urban Economics facilitates and encourages high-quality scholarship on important issues in regional and urban economics. It publishes significant contributions that are theoretical or empirical, positive or normative. It solicits original papers with a spatial dimension that can be of interest to economists. Empirical papers studying causal mechanisms are expected to propose a convincing identification strategy.
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