In the real world, similar workers often earn different wages. Their wages fall somewhere in Lester’s range of indeterminacy. Most workers don’t know exactly how valuable their contributions are and therefore what their true market wage should be. Company executives typically don’t know either, but the executives do have more information — about how much money different workers make and how productive each is. For most workers, by contrast, quitting over a pay dispute can create financial hardship.

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Persons: Richard Lester, Lester Organizations: United Auto Workers, Detroit’s, Company, Employers Locations: Princeton