The Least-Squares Monte Carlo model (LSM model) has emerged as the derivative valuation technique with the greatest impact in current practice. As with other options valuation models, the LSM algorithm was initially posited in the field of financial derivatives and its extension to the realm of...

The appeal of the 'Micro-foundations' project, which requires that all macroeconomic propositions are reduced to or derived from microeconomic ones, is strongly supported by the considerable force of what Lakatos calls the discipline's 'hard core'. This is particularly so if this project is...

Collective bargaining over labour conditions between unions and employers is a key labour market institution in democratic societies, guaranteed by international and national law. Its coverage, organization and impact have varied over time and across countries. Inclusive bargaining, conducted by...

There are large international differences in the gender pay gap. In some developed countries in 2010–2012, women were close to earnings parity with men, while in others large gaps remained. Since women and men have different average levels of education and experience and commonly work in...

Because theoretical arguments differ on the economic impact of collective bargaining agreements in developing countries, empirical studies are needed to provide greater clarity. Recent empirical studies for some Latin American countries have examined whether industry- or firm-level collective...

Although coverage of collective bargaining agreements has been declining for decades in most countries, it is still extensive, especially in non-Anglo-Saxon countries. Strong unions may influence firms’ incentives to invest in capital, particularly in sectors where capital investments are sunk...

This paper examines responses to questions on wage setting features in Slovenia's Wage Dynamics Network (WDN) survey in the institutional and macroeconomic context of the Slovene economy. The question on collective wage agreement did not capture the prevailing institutional arrangement of...

The article tries to answer an old question of economic theory and institutional economics: How do trade unions fit into a market economy? Are they a constitutive element of the market order or: are they a source of irritation and disruption?

The paper focuses on the issue of employee voice during restructuring processes. The notion of 'capability for voice' is mobilized to assess to what extent employees are able (and allowed) to express their viewpoints and make them count in the course of corporate restructurings. At first the...

This article investigates the transformations of the French unionism and of the French system of industrial relations over the last years and their probable future. It shows: an evolution from a militant unionism to a professionalized trade unionist system; the decline of collective actions; the...