This paper develops a labor-market orientated expected utility model to explain the massively high level of non-marital fertility, especially teenage single motherhood in the United States in the period 1960-1980. Labor market regulations reduce, via disemployment, male youth income-earning...

We exposit an integrated agency model of multi-period career concerns and labor market equilibrium with managerial reservation utility levels, and thus pay levels, determined endogenously for firms of different sizes. Stochastic managerial talent takes two forms: a manager drawn from a tighter...