Social preferences, monopsony and government intervention
研究了工人与参照群体比较收入时，买方垄断企业的工资和就业如何变化，并分析了政府干预如何平衡垄断扭曲与社会比较的影响。
Abstract Monopsony power by firms and social preferences by consumers are well established. We analyze how wages and employment change in a monopsony if workers compare their income with that of a reference group. We show that the undistorted, competitive outcome may no longer constitute the benchmark for welfare comparisons and derive a condition that guarantees that the monopsony distortion is exactly balanced by the impact of social comparisons. We also demonstrate how wage restrictions and subsidies or taxes can be used to ensure this condition, both for a welfarist and a paternalistic welfare objective.