Vasilev, Aleksandar - In: Journal of Mathematical Economics and Finance 3 (2018) 2(5), pp. 19-32
This paper describes the lottery- and insurance-market equilibrium in an economy with non-convex market-sector employment and informal sector work. In contrast to Vasilev (2016a), the discrete-continuous labor supply decision in this paper is a sequential one, and instead of home production, we...