Oligopsony and Monopsonistic Competition in Labor Markets

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  • V Bhaskar
    Professor of Economics, University of Essex, Colchester, United Kingdom.
  • Alan Manning
    Professor of Economics and Researcher, Centre for Economic Performance, both at the London School of Economics, London, United Kingdom.
  • Ted To
    Research Economist, Bureau of Labor Statistics, Washington, D.C.

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<jats:p> We argue that models of oligopsony or monopsonistic competition provide insights and explanation for many empirical phenomena in labor markets. Using a simple model with job differentiation and preference heterogeneity, we illustrate how such models can be employed to explain the existence of wage dispersion, the persistence of labor market discrimination, market failures in the provision of training and the anomalous employment effects of minimum wages. </jats:p>

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