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We present a model of the labor market with asymmetric information in which the equilibrium of the' market generates unemployment and job queues so that wages may serve as an effective screening device. This happens because more productive workers -- within any group of individuals with a given...
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theory and the efficiency wage theory. The basic thesis of the paper is that the former set of theories do not provide a …. Several of the more recent versions of implicit contract theory are considered: implicit contracts with asymmetric information …, explicitly long term in nature, may give rise to full employment. One version of implicit contract theory which does give rise to …
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lower. The model thus provides a rationale for real wage rigidity. The model also provides a theory of equilibrium …
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theory and the efficiency wage theory. The basic thesis of the paper is that the former set of theories do not provide a …. Several of the more recent versions of implicit contract theory are considered: implicit contracts with asymmetric information …, explicitly long term in nature, may give rise to full employment. One version of implicit contract theory which does give rise to …
Persistent link: https://www.econbiz.de/10014146786