By Barry T. Hirsch

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Intuitively, the union will have no indirect effect if the marginal financing cost is unchanged; that is, if the firm would rely on external marginal financing with or without a union, or if it relies entirely on internal funds with or without a union. Otherwise, there will be both a direct and an indirect union effect on investment activity. Page 20 Although different from the traditional model, the union rent-seeking approach, which treats union wage demands as endogenous, does not rule out the existence of substitution and scale effects.

More fundamental to the discussion that follows, if the concept of efficiency in union services is extended to include the preferences of potential or future union members, unions are likely to be "rationally myopic" in their actions, discounting too heavily long-run outcomes. Myopia results because incumbent union members do not have sufficient incentive to take into account the welfare of potential or future union members. , qualified workers in the union queue) need not be taken into account.

The simplest model of union behavior is the median voter model wherein preferences are well-ordered or "single peaked," so that individual preferences can be aggregated into ordered group preferences. Majority rule voting in this case produces a determinate and stable equilibrium. The median voter model predicts that union leaders propose and attempt to execute actions most consistent with the demands of union members with median or average preferences (Hirsch and Addison 1986, chap. 2; Farber 1986).

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