Optimale Arbeitsverträge bei asymmetrischer Information: Ein Beitrag zur Theorie der Arbeitslosigkeit
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Optimale Arbeitsverträge bei asymmetrischer Information: Ein Beitrag zur Theorie der Arbeitslosigkeit
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 105 (1985), Iss. 4 : pp. 433–458
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Wolfstetter, Elmar
References
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Abstract
This paper explores optimal wage-employment contracts under asymmetric information, allowing for worksharing as well as for layoffs. It provides necessary and sufficient conditions for involuntary under- and overemployment. These results characterize and explain deviations from the Arrow/ Debreu equilibrium. The paper concludes with a welfare evaluation and a discussion of economic policies which may reduce the welfare losses caused by the presence of asymmetric information