English, Article, Journal or magazine article edition: Wage-Employment Contracts: Global Results Jerry R. Green; Charles M. Kahn

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Bookmark: http://trove.nla.gov.au/version/211872
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Wage-Employment Contracts: Global Results
Author
  • Jerry R. Green
  • Charles M. Kahn
Physical Description
  • preprint
Notes
  • This paper studies the efficient agreements about the dependence of workers' earnings on employment, when the employment level is controlled by firms. The firms ' superior information about profitability conditions is responsible for this form of contract governance. Under plausible assumptions, such agreements will cause employment to diverge from efficiency as a byproduct of their attempt to mitigate risk. It is shown that, if leisure is a normal good and firms are risk neutral, employment is always above the efficient level. Such a one-period implicit contracting model cannot, therefore, be used to "explain" unemployment as a rational byproduct of risk sharing between workers and a risk neutral firm under conditions of asymmetric information.
  • RePEc:nbr:nberwo:0675
Language
  • English
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