Indivisible-labor, lotteries and idiosyncratic productivity shocks
نویسندگان
چکیده
منابع مشابه
Indivisible-labor, lotteries and idiosyncratic productivity shocks
This paper extends the indivisible-labor model by Hansen [J. Monet. Econ. 16 (1985) 309] and Rogerson [J. Monet. Econ. 21 (1988) 3] to include multiple consumers who differ in initial wealth and whose labor productivities are subject to idiosyncratic shocks. In the presence of idiosyncratic uncertainty, the optimal allocations for the individual employment probabilities are at corners: agents w...
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During the last decade general equilibrium theory has become an increasingly common framework in which to study the aggregate properties ef economies [see, e.g., Lucas (1981)]. In its original form [see Debreu (1959)] general equilibrium theory was developed in the context of convex economic envirok~ments, but has since been extended to non-convex environments [see Aumann (1966) and Mas-ColcU (...
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ژورنال
عنوان ژورنال: Mathematical Social Sciences
سال: 2004
ISSN: 0165-4896
DOI: 10.1016/j.mathsocsci.2003.11.001