Consumption commitments and employment contracts
成果类型：
Article
署名作者：
Postlewaite, Andrew; Samuelson, Larry; Silverman, Dan
署名单位：
University of Pennsylvania; University of Wisconsin System; University of Wisconsin Madison; Yale University; University of Michigan System; University of Michigan
刊物名称：
REVIEW OF ECONOMIC STUDIES
ISSN/ISSBN：
0034-6527
DOI：
10.1111/j.1467-937X.2008.00472.x
发表日期：
2008
页码：
559-578
关键词：
摘要：
We examine an economy in which the cost of consuming some goods can be reduced by making commitments that reduce flexibility. We show that such consumption commitments can induce consumers with risk-neutral underlying utility functions to be risk averse over small variations in income, but sometimes to seek risk over large variations. As a result, optimal employment contracts will smooth wages conditional on being employed, but may incorporate a possibility of unemployment.
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