Question: when period 2 comes dynamically inconsistent. Th will set the wage at w*, in I did believe the union, and with w2 substituted (call ti

when period 2 comes dynamically inconsistent. Th will set the wage at w*, in I did believe the union, and with w2 substituted (call ti the firm has invested a I, :

labour according to (8.51)

this demand for labour.

and makes its decision ul.

208 209

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