the wages they receive. In particular, we show that this hypothesis may explain the high urban wages and unemployment … control urbaxv'rural migration, but could control wages and urban employment, it would, in general, set wages and employment … into accounce, both In the determination of shadow wages to be used in cost benefit analysis and In the analysisis of the …

We argue here for a broader view of the biases in managers' decisions: In general, managerial rent-seeking affects not … managerial discretion, managers have an incentive to exercise that discretion to enhance their income. Any managerial contract is …

This paper analyzes optimal and equilibrium insurance contracts under adverse selection and moral hazard, comparing …-risk type gets more stringent (i.e. when low risk individuals shirk with lower levels of insurance). We also show that a pooling … accident probability) or when the provision of insurance is non-exclusive (i.e. individuals can purchase insurance from more …

provided unemployment insurance (UI) and loans against pension accounts changes over time in a model where unemployment may …

where efficiency wages lead to equilibrium unemployment, we show that if the elasticity of substitution is less than unity …

theory, and behavioral economics. The paper argues that any theory of deep downturns has to answer these questions: What is …

We study the Rothschild-Stiglitz model of insurance markets, introducing endogenous information disclosure about … insurance sales and purchases by firms and consumers. We show that a competitive equilibrium exists under unusually mild …) plus a supplemental (undisclosed and nonexclusive) contract that brings the high risk individual to full insurance (at his …