2007, English, Article, Working paper edition: Insurance and opportunities [electronic resource] : a welfare analysis of labor market risk / Jonathan Heathcote, Kjetil Storesletten, Giovanni L. Violante. Heathcote, Jonathan.

User activity

Share to:
 
Bookmark: http://trove.nla.gov.au/version/31133460
Published
  • Cambridge, MA : National Bureau of Economic Research, c2007.
Language
  • English

Edition details

Title
  • Insurance and opportunities : a welfare analysis of labor market risk /​ Jonathan Heathcote, Kjetil Storesletten, Giovanni L. Violante.
Author
  • Heathcote, Jonathan.
Other Authors
  • Storesletten, Kjetil.
  • Violante, Giovanni L.
  • National Bureau of Economic Research
Published
  • Cambridge, MA : National Bureau of Economic Research, c2007.
Medium
  • [electronic resource]
Series
Summary
  • "Using a model with constant relative risk-aversion preferences, endogenous labor supply and partial insurance against idiosyncratic wage risk, we provide an analytical characterization of three welfare effects: (a) the welfare effect of a rise in wage dispersion, (b) the welfare gain from completing markets, and (c) the welfare effect from eliminating risk. Our analysis reveals an important trade-off for these welfare calculations. On the one hand, higher wage uncertainty increases the cost associated with missing insurance markets. On the other hand, greater wage dispersion presents opportunities to raise aggregate productivity by concentrating market work among more productive workers. Our welfare effects can be expressed in terms of the underlying parameters defining preferences and wage risk, or alternatively in terms of changes in observable second moments of the joint distribution over individual wages, consumption and hours"--National Bureau of Economic Research web site.
Notes
  • Title from PDF file as viewed on 6/​5/​2008.
  • Includes bibliographical references.
  • Also available in print.
Technical Details
  • System requirements: Adobe Acrobat Reader.
  • Mode of access: World Wide Web.
Language
  • English
Libraries Australia ID
Contributed by
Libraries Australia

Get this edition

With access conditions

None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.

User activity


e.g. test cricket, Perth (WA), "Parkes, Henry"

Separate different tags with a comma. To include a comma in your tag, surround the tag with double quotes.

Be the first to add a tag for this edition

Be the first to add this to a list

Comments and reviews

What are comments? Add a comment

No user comments or reviews for this version

Add a comment