Minimum Wages for Ronald McDonald Monopsonies: a Theory of Monopsonistic Competition
建立了一个自由进入的买方垄断竞争模型来分析最低工资的影响，发现最低工资提高会提升单个企业就业、导致企业退出，并可能增加或减少行业总就业，福利效应取决于就业变化。
Recent empirical work on the effects of minimum wages has called into question the conventional wisdom that minimum wages invariably reduce employment. We develop a model of monopsonistic competition with free entry to analyse the effects of minimum wages, and our predictions fit the em-pirical results closely. Under monopsonistic competition, we find that a rise in the minimum wage a) raises employment per firm, b) causes firm exit, c) may increase or reduce industry employment. Minimum wages increase welfare if they raise industry employment, but welfare effects are ambigu-ous if employment falls.