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Wage dispersion and labor turnover with adverse selection

Carrillo-Tudela, Carlos; Kaas, Leo - 2011

We consider a model of on-the-job search where firms offer long-term wage contracts to workers of different ability. Firms do not observe worker ability upon hiring but learn it gradually over time. With sufficiently strong information frictions, low-wage firms offer separating contracts and...

Persistent link: https://www.econbiz.de/10010280703

A general model of technical change with an application to the OECD countries

Heshmati, Almas; Kumbhakar, Subal C. - 2011

In the neoclassical production functions model technical change (TC) is assumed to be exogenous and it is specified as a function of time. However, some exogenous external factors other than time can also affect the rate of TC. In this paper we model TC via a combination of time trend (purely...

Persistent link: https://www.econbiz.de/10010280731

Firm heterogeneity, informal wage and good governance

Kar, Saibal; Marjit, Sugata - 2011

We provide an analysis of enforcement policies applicable to formal sector in dual labor markets. We use a framework with heterogeneous firms, endogenous determination of informal wage and politically dictated enforcement strategies. Firms which operate both in the formal and informal sectors do...

Persistent link: https://www.econbiz.de/10010280733

Exploitation as the unequal exchange of labour: An axiomatic approach

Yoshihara, Naoki; Veneziani, Roberto - 2009

Roemer's (1982, 1988) classical approach and all the crucial insights of exploitation theory are generalised, proving that …

Persistent link: https://www.econbiz.de/10010280738

Specialization in the bargaining family

Hyee, Raphaela; Robledo, Julio R. - 2009

We develop a two period family decision making model in which spouses bargain over their contributions to a family public good and the distribution of private consumption. In contrast to most models in the literature, specialization within the couple emerges endogenously from the production of...

Persistent link: https://www.econbiz.de/10010280748

A core-equilibrium convergence in an economy with public goods

Allouch, Nizar - 2009

This paper deals with a core-equilibrium equivalence in an economy with public goods where preferences of consumers display warm glow effects. We demonstrate that provided that each consumer becomes satiated to other consumers provision, it holds that, for a sufficiently large economy, the set...

Persistent link: https://www.econbiz.de/10010280750

Revealed preferences, choices, and psychological indexes

Soraperra, Ivan - 2009

This paper develops a model of choice that embeds some psychological aspects affecting decision maker's behaviour. In the model, the decision maker attaches an unobservable psychological index -representing, e.g., the level of perceived availability or the level of salience- to each alternative...

Persistent link: https://www.econbiz.de/10010280751

Adaptive rate-optimal detection of small autocorrelation coefficient

Guay, Alain; Guerre, Emmanuel; Lazarová, Štepána - 2009

A new test is proposed for the null of absence of serial correlation. The test uses a data-driven smoothing parameter. The resulting test statistic has a standard limit distribution under the null. The smoothing parameter is calibrated to achieve rate-optimality against several classes of...

Persistent link: https://www.econbiz.de/10010280754

A generalized endogenous grid method for non-concave problems

Fella, Giulio - 2011

This paper extends Carroll's (2006) endogenous grid method and its combination with value function iteration by Barillas and Fernández-Villaverde (2007) to non-concave problems. The method is illustrated using a consumer problem in which consumers choose both durable and non-durable...

Persistent link: https://www.econbiz.de/10010280755

Evaluation with dynamic reference: Sustainable investment

Vinokur, Leon - 2009

The Prospect Theory proposes to assess outcomes relative to a reference point (or benchmark). Although the literature … recognises the relevance of dynamic benchmarks, most of the applications of Prospect Theory employ static reference points (or a … status quo). This paper aims to develop a Prospect Theory framework for investment under uncertainty subject to a dynamic …

Persistent link: https://www.econbiz.de/10010280772