spells and (ii) reduced reemployment wages. Although full insurance requires both unemployment benefits and wage insurance …, supply difficulties limit actual-loss insurance, and separation packages typically include partial unemployment insurance and … and in combination, introduce potentially serious contracting concerns. Economic theory provides a practical guide to the …

Using a model with constant relative risk-aversion preferences, endogenous labor supply and partial insurance against … cost associated with missing insurance markets. On the other hand, greater wage dispersion presents opportunities to raise … second moments of the joint distribution over individual wages, consumption and hours …

This paper presents theory and evidence on horizontal industry structure, focusing on situations where plant …

the executive. Agency theory remains the only viable candidate for answering the question about how executive compensation … compensation, in the context of agency theory. We suggest two fertile areas for research regarding the improvement of executive …

The principal-agent model of executive compensation is of central importance to the modern theory of the firm and …

this risk. We use our theory to interpret some executive compensation data from the early 1970's. The results are generally …

percent and 1 percent of the within-firm wage distribution rise substantially. Instead, the effect on average wages is small …