Autore:
Fanti, Luciano
Titolo:
Welfare effects of cross-ownership in a unionised duopolyPeriodico:
Economia e politica industrialeAnno:
2014 - Volume:
41 - Fascicolo:
2 - Pagina iniziale:
21 - Pagina finale:
41The present study analyses the effects of an increase in the share of one-sided cross-ownership in a Cournot duopoly with firm-specific monopolistic unions. Since the cross-participation at ownership level implies a lower degree of competition, then in a duopoly without unions, as expected, consumer surplus and social welfare, despite the increase in the industry profits, are reduced when cross-participation increases. By contrast, when the labour market is unionised, I show the counterintuitive result that, despite the degree of competition is reduced by cross-ownership, both consumer surplus and social welfare increase with the share of cross-participation. This always occurs provided that unions are sufficiently wage-oriented. Moreover, it is shown that the results are also robust to the Bertrand mode of competition. Therefore, the policy implication is that, when wage-interested unions are in existence in oligopoly industries, a rise in cross-participation - i.e. a lower degree of competition - is socially preferred.
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SICI: 0391-2078(2014)41:2<21:WEOCIA>2.0.ZU;2-6
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