The implicit contract model is a serious alternative to the spot market interpretation of the labor market. However, its usefulness has been limited because the wage is unobserved, and hence it has ...
A model incorporating costly search and implicit contracts is examined. The contracts differ from those studied in the traditional literature by allowing for both temporary and permanent layoffs. A ...
BUFFALO, N.Y. – A University at Buffalo philosopher’s book is a featured selection of an online symposium, currently in progress, hosted by “Syndicate.” The book is “Social Contract Theory for a ...
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