Imperfect Competition and Rents in Labor and Product Markets: The Case of the Construction Industry
Imperfect Competition and Rents in Labor and Product Markets: The Case of the Construction Industry
复制标题
劳动力和产品市场的不完全竞争与租金：建筑业案例
DOI：
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发表时间：
2020
期刊：
影响因子：
--
通讯作者：
Bradley Setzler
中科院分区：
文献类型：
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作者：
Kory Kroft;Yao Luo;M. Mogstad;Bradley Setzler
我们论文的主要目标是通过估计美国公司和工人赚取的租金规模来量化美国建筑业不完全竞争的重要性。为了全面衡量租金总额并了解其来源，我们考虑到租金可能因工资下降和价格上涨而上升。我们的分析将美国企业和工人的税务记录与从美国采购拍卖中新收集的记录结合起来。我们首先通过双重差分设计研究企业如何应对产品需求的外生变化，该设计将首次采购拍卖的获胜者与拍卖前后的失败企业进行比较。在这些估计的激励和指导下，我们接下来开发、确定和估计一种模型，在该模型中，建筑公司相互竞争产品市场的项目和劳动力市场的工人。这些公司可以参与私人市场和政府项目，后者是通过第一价格密封投标拍卖获得的。我们发现美国建筑公司拥有强大的工资和价格制定权。这种不完全竞争产生了大量租金，其中三分之二被企业攫取。最后，我们使用估计模型进行反事实分析，揭示产品市场或劳动力市场中企业市场力量的增加将如何影响建筑行业工人和企业的结果和行为。
The primary goal of our paper is to quantify the importance of imperfect competition in the U.S. construction industry by estimating the size of rents earned by American firms and workers. To obtain a comprehensive measure of the total rents and to understand its sources, we take into account that rents may arise both due to markdown of wages and markup of prices. Our analyses combine the universe of U.S. business and worker tax records with newly collected records from U.S. procurement auctions. We first examine how firms respond to a plausibly exogenous shift in product demand through a difference-in-differences design that compares first-time procurement auction winners to the firms that lose, both before and after the auction. Motivated and guided by these estimates, we next develop, identify, and estimate a model where construction firms compete with one another for projects in the product market and for workers in the labor market. The firms may participate both in the private market and in government projects, the latter of which are procured through first-price sealed-bid auctions. We find that American construction firms have significant wage- and price-setting power. This imperfect competition generates a considerable amount of rents, two-thirds of which is captured by the firms. Lastly, we use the estimated model to perform counterfactual analyses which reveal how increases in the market power of firms, in the product market or the labor market, would affect the outcomes and behavior of workers and firms in the construction industry.
劳动力市场力量
影响因子：
10.7
作者：
Berger, David;Herkenhoff, Kyle;Mongey, Simon
通讯作者：
Mongey, Simon