Value of work
Subtitle: bargaining, job-satisfaction, and taxation in a simple ge model
By: by Felix FitzRoy, Michael Nolan.
Contributors: Nolan, Michael.
Series: Discussion paper ;; no. 1760; Discussion paper (Forschungsinstitut zur Zukunft der Arbeit : Online) ;; no. 1760
Publisher: IZA
Published: 2005
Place of publication: Bonn, Germany
Language: eng
Format: Electronic resource
Subjects: Job satisfaction.; Unemployment.; Management -- Employee participation.; Collective bargaining.; Taxation.
Description: "Job-satisfaction as a component of workers' utility has been strangely neglected, with work usually regarded as reducing utility and the benefits of leisure. This is contradicted by many empirical studies showing that unemployment is a major cause of unhappiness, even when income is controlled for. Here we develop a simple model where job-satisfaction is non-contractible but can be included in extended collective bargaining when workers participate in management, but employment is still chosen to maximise profit. Including taxation to fund unemployment benefits and public goods, we show that switching from traditional bargaining over wages to extended (but still second-best) bargaining can generate a Pareto welfare improvement"--Forschungsinstitut zur Zukunft der Arbeit web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 9/28/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.