@TechReport{iza:izadps:dp12515,
            	author={Berton, Fabio and Dughera, Stefano and Ricci, Andrea},
            	title={Unions and Firms' Investments: A Unified View},
            	year={2019},
	month={Jul},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={12515},
            	url={https://www.iza.org/index.php/publications/dp12515},
	abstract={In this paper, we present a simple model in which a unionized and non-unionized firm optimally make investment decisions given their labor productivity. By allowing workers' organizations to have positive effects on labor effort, we find that the classic hold-up problem does not necessarily survive. We also derive conditions under which rent-seeking by unions may actually encourage firms' investments.},
	keywords={firms' investments;labor unions;rent seeking;workers' effort;hold-up},
            }