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dc.creatorZuleta, Hernando 
dc.creatorAndonova, Veneta
dc.identifier.citationZuleta, H., & Andonova, V. (2006). Conflict, wages, and multiple equilibria. Bogotá: Universidad del Rosario.
dc.descriptionFirms’ compensation practices affect the protection of investors’ interests and the degree of economic inequality by changing the stakes of engaging in appropriation activities versus respecting the status quo. We use a general equilibrium model where workers can either work peacefully or join a guerrilla movement that expropriates entrepreneurs. If workers are peaceful, they receive a competitive wage. If they join a guerrilla movement, they receive a share of the appropriated wealth, which depends positively on the number of guerrilla members. In this framework, we find one low-income, low-wage equilibrium with guerrilla activity and one peaceful, high-income, high-wage equilibrium. The peaceful equilibrium can be reached through redistribution policies, which can be implemented at the firm level. In essence, through their compensation policies entrepreneurs, not the state might be able to protect their assets against expropriation and simultaneously control the internal principal-agent problem.
dc.format.extent26 páginas
dc.format.mediumRecurso electrónico
dc.relation.ispartofSerie documentos de trabajo. No 8 (Septiembre 2006)
dc.sourceinstname:Universidad del Rosario
dc.sourcereponame:Repositorio Institucional EdocUR
dc.sourceinstname:Universidad del Rosario
dc.subject.ddcEconomía laboral 
dc.subject.lembDesarrollo económico
dc.subject.lembEconomía laboral
dc.subject.lembDistribución de la riqueza
dc.subject.lembPobreza::Aspectos Económicos
dc.titleConflict, wages, and multiple equilibria
dc.publisherUniversidad del Rosario
dc.publisher.departmentFacultad de Economía
dc.subject.keywordefficiency wages
dc.subject.keywordgeneral equilibrium
dc.subject.keywordincome distribution
dc.subject.keywordmultiple equilibria
dc.type.spaDocumento de trabajo
dc.rights.accesoAbierto (Texto completo)
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dc.rights.ccAtribución-NoComercial-SinDerivadas 2.5 Colombia

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