The paper analyses how cooperation in a repeated social game may help to sustain cooperation in a "linked" repeated production game. We show that this may happen a)because of available "social capital", defined as the slack of punishment power present in the social repeated game, b) because,...

The communication presents the partial results of a research proposing the social contract as a new instrument of analysis for the employment relation in a social context in change, such as the case of Rumania. Until then, the research which aimed at the employment relation which is formed...

We develop a model in which agents choose whether to achieve self-esteem through work. When they do, they develop an intrinsic motivtion to effort. Depending on the characteristics of the job to be filled, an employer may try, or not, to encourage this intrinsic motivation by an adequately...

We develop a model in which agents choose whether to achieve self-esteem through work. When they do, they develop an intrinsic motivation to effort. Depending on the characteristics of the job to be filled, an employer may try, or not, to encourage this intrinsic motivation by an adequately...

This paper develops a general equilibrium model with unemployment and noncooperative wage determination to analyze the importance of incomplete markets when risk-averse agents are subject to idiosyncratic employment shocks. A version of the model calibrated to the U.S. shows that market...

A theory of property needs to give an account of the whole lifecycle of a property right: How it is initiated, transferred, and terminated. Economics has focused on the transfers in the market and almost completely neglected the question of initiation and termination of property in normal...

Recent work links entrepreneurship to the economic theory of firm using the Knightian concept of entrepreneurship as judgment. When judgment is complementary to other assets, and these assets or their services are traded in well-functioning markets, it makes sense for entrepreneurs to hire labor...

This paper asks how well Okun’s Law fits short-run unemployment movements in the United States since 1948 and in twenty advanced economies since 1980. We find that Okun’s Law isa strong and stable relationship in most countries, one that did not change substantiallyduring the Great...