Author: Richard ArnottPublisher:
ISBN:
Category : Labor contract
Languages : en
Pages : 37
Book Description
Implicit Contracts, Labor Mobility and Unemployment
Author: Richard ArnottPublisher:
ISBN:
Category : Labor contract
Languages : en
Pages : 37
Book Description
Implicit Contracts, On-the-job Search and Involuntary Unemployment
Author: Charles T. CarlstromPublisher:
ISBN:
Category : Labor mobility
Languages : en
Pages : 44
Book Description
Implicit Contract Theory
Author: Sherwin RosenPublisher: Edward Elgar Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 504
Book Description
This volume brings together the most innovative and important work on implicit contract theory, a key area of research which has developed over the past 20 years. Implicit contract theory is concerned with the workings of the macro-labour market over business cycles and focuses on a series of key questions including, how economists can explain unemployment levels and employment fluctuations during recessions in terms of rational economic behaviour, and, why wages do not fall to clear the market.
Implicit Contracts, Incentive Compatibility, and Involuntary Unemployment
Author: William Bentley MacLeodPublisher: Kingston, Ont. : Institute for Economic Research, Queen's University
ISBN:
Category : Incentives in industry
Languages : en
Pages : 64
Book Description
Всесоюзный Институт прикладной ботаники и новых культур и отдел прикладной ботаники и селекции Государственного Института опытной агрономии
Author: Unemployment and Insurance
Author: Sherwin RosenPublisher:
ISBN:
Category : Insurance, Unemployment
Languages : en
Pages : 88
Book Description
This paper elaborates equilibrium properties of contract labor markets when cost barriers limit labor mobility in response to demand and productivity shifts. Unemployment is sustained because the marginal value of labor is not equated across all firms; however the equilibrium contract optimally allocates a worker's time between market and nonmarket uses, given transactions cost-mobility constraints. Contracts provide full unemployment insurance for risks that are diversifiable by pooling among firms. Nondiversifiable (macro) risks are only partially shifted,largely through self-insurance (contingency saving). Increasing diversifiable risk has social value, similar to the value of an option. Increasing nondiversifiable risk has negative value because it reduces lifetime consumption. The main empirical implication of contract theory is shown to be closely related to the permanent income hypothesis and establishes linkages between labor activities and consumption behavior. It is atheory of consumption rigidity rather than wage rigidity. Another empirical implication is that unemployment incidence is proportional to comparative advantage in normarket production. Layoffs are ordered by workers' relative productivity in nonmarket compared with market sectors. The theory is used to analyze some features of the U.S. employment system. Its empirical support is briefly reviewed.
Insurance and Incentives in Labor Contracts
Author: Oliver FabelPublisher:
ISBN:
Category : Equilibrium (Economics)
Languages : en
Pages : 284
Book Description
Implicit Contracts and Involuntary Unemployment
Author: F. H. HahnImplicit contracts, unemployment, and labor market segmentation
Author: Steffen AltmannAllocation, Information and Markets
Author: John EatwellPublisher: Springer
ISBN: 1349202150
Category : Business & Economics
Languages : en
Pages : 321
Book Description
This is an extract from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This volume concentrates on the topic of allocation information and markets.