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The specificity of construction as an economic activity and of the construction product (goods and services) determine the existence of a complex vertical chain of links, involving different actors, which they perform simultaneously the function of the buyer of the product from a previous participant and vendor product to the next participant. In practice, this means that in every unit of the vertical chain construction firm as a buyer of resources and services can be monopsony or oligopsony, on the other hand as the seller of the created product may be in the role of a monopoly or oligopoly on the market. The aim of the study is the analysis the model of a bilateral monopoly on the resource and product market, the conditions of equilibrium and the behavior of the construction firm at the entrance and the exit, taking into account the specificities of different segments of the construction market.
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, where there is a single buyer of labour (monopsony), the employer can pay lower wages to workers because of their market power and disregard workers’ MRP generation. Furthermore, theories of efficiency wage and the institutional view of labour markets provide explanations for why wages may not equate to marginal revenue. Greenwood (2016) provides a comprehensive overview of these theories. In practice, wages are a function of a number of factors, besides competitive pressures and ability to pay, such as trade unions, cost of living, government legislation and
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agreement of the same year) – greater flexibility in the setting of overtime pay premiums – promoted greater employment resilience. Martins (2018a) presents evidence that increased employee representation in firms in Portugal has a positive causal impact on firm performance, in particular through stronger investments in worker training. See also Martins (2018b) for an analysis of monopsony power and its wage effects in the case of Portugal.
6 Concluding remarks
Following the crisis, several Southern European countries have implemented substantial reforms to