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- W2336351667 abstract "This paper investigates the robustness of the “two-tiered labor market” experimental results of Brown, Falk and Fehr (2004) by subjecting relationships to stochastic interruptions. Firms in Brown et al prepay a wage, request a level of effort, and then workers who accept the offer choose effort. Effort is costly to workers and valuable to firms, but cannot be explicitly contracted for. They find that when firms can make private offers to particular workers (identified by ID numbers), long term relationship with high wages and high effort level account for a large fraction of contracts in the market. Our experiments replicate this basic pattern quite closely using different subject pools and extending number of contracting periods from 15 to 30. We then study the impact of exogenous random “downturns” in which firms cannot hire workers for three periods. Surprisingly, the downturns do not harm aggregate market efficiency and actually raise average efficiency per trade slightly. The reason is that in the downturn sessions firms offer higher wages and request more effort, workers exert a little more effort. There is also a high rate of reconnection after downturns (i.e., firms make private offers to the workers they employed previously), although this rate is much higher among Caltech subjects than among UCLA subjects. The net effect is that downturns actually increase worker surplus substantially, lower firm profits slightly, and increase overall surplus slightly." @default.
- W2336351667 created "2016-06-24" @default.
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- W2336351667 date "2008-01-01" @default.
- W2336351667 modified "2023-09-27" @default.
- W2336351667 title "Relational Contracting Under Threats of Economic Downturn" @default.
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