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Excerpt from Labor Rent-Sharing and Regulation: Evidence From the Trucking Industry
An increasing body of evidence suggests that labor may be an important claimant to firms' profits. While there is a well-developed literature on union rent-sharing, recent empirical and theoretical work suggests that nonunion workers also may capture a share of rents. This study uses wage responses to an exogenous reduction in trucking industry rents to estimate the extent of union and nonunion rent-sharing. The results should be of interest to both labor economists interested in noncompetitive theories of wage determination and regulatory economists interested in assessing the magnitude and distribution of regulatory rents.
The paper evaluates wage responses to motor carrier deregulation in the late 19705 and early 19805. The results indicate substantial declines in union premia over nonunion wages as a consequence of regulatory reforms. Union premia dropped from an average of 50 percent over nonunion wages during the 1973-78 period, to 30 percent over nonunion wages during 1979-84. Data for nonunion workers in the industry indicate wage declines relative to economy-wide average wages, although the magnitude of-nonunion rents is not precisely quantified.
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