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, are appealing under product market uncertainty. The model integrates efficiency wage arguments into an implicit insurance …
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The purpose of this note is to describe the lottery- and insurance-market equilibrium in an economy with non … incompleteness, which requires that an insurance market for employment be put in operation to "complete" the market. …
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The purpose of this paper is to describe the lottery- and insurance-market equilibrium in an economy with non …). The presence of indivisible labor creates a market incompleteness, which requires that an insurance market for (un …
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