The analysis of implicit contracts between risk-averse workers and risk-neutral firms must recognize that: (i) the contract is implicit, not explicit; (ii) it may only be conditioned on observable variables; and (iii) there are limits to contract complexity. If contracts are perfectly flexible than neither the constraint of enforceability nor observability result in unemployment. However, even with perfect enforceability and flexibility, limitations...
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INFORMATION
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1983/06/16
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Document de travail départemental
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DRD53
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1
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1
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2010/07/01
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Disclosed
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Wage rigidity, implicit contracts, and economic efficiency : are market wages too flexible?
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marginal rate of substitution
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