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- W1494808665 abstract "This paper studies the efficient agreements about the dependence of workers' earnings on employment, when the employment level is controlled by firms. Under plausible assumptions, such agreements will cause employment to diverge from efficiency as a byproduct of their attempt to mitigate risk. However, employment is above rather than below the efficient level when the conditions of profitability are worse than average. Such a one- period implicit contracting model cannot, therefore, be used to explain unemployment as it is traditionally conceived." @default.
- W1494808665 created "2016-06-24" @default.
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- W1494808665 date "1981-01-01" @default.
- W1494808665 modified "2023-09-23" @default.
- W1494808665 title "Wage-Employment Contracts (Replaced by W0675)" @default.
- W1494808665 hasPublicationYear "1981" @default.
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