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Fixed-Wages, Wage Differentials And Worker Heterogeneities

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Author Info
GUILLAUME CARLIER
DAMIEN GAUMONT

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Abstract

We study incentive-compatible labour contracts in the case where individual productivity, preference for leisure and time preference rate are unobservable by the principal in a two-period model. We first reduce this three-dimensional problem to a standard one-dimensional screening problem. Features of second-best labour contracts provide a rationale for both fixed-wages and wage differentials. Copyright 2008 The Authors. Journal compilation 2008 Blackwell Publishing Ltd/University of Adelaide and Flinders University.

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File URL: http://www.blackwell-synergy.com/links/doi/10.1111/j.1467-8454.2008.00352.x
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Publisher Info
Article provided by Blackwell Publishing in its journal Australian Economic Papers.

Volume (Year): 47 (2008)
Issue (Month): 4 (December)
Pages: 320-333
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Handle: RePEc:bla:ausecp:v:47:y:2008:i:4:p:320-333

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  1. Myerson, Roger B, 1979. "Incentive Compatibility and the Bargaining Problem," Econometrica, Econometric Society, vol. 47(1), pages 61-73, January. [Downloadable!] (restricted)
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  2. Weiss, Andrew W, 1980. "Job Queues and Layoffs in Labor Markets with Flexible Wages," Journal of Political Economy, University of Chicago Press, vol. 88(3), pages 526-38, June. [Downloadable!] (restricted)
  3. Postel-Vinay, Fabien & Robin, Jean-Marc, 2002. "Equilibrium Wage Dispersion with Worker and Employer Heterogeneity," CEPR Discussion Papers 3548, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  4. Shapiro, Carl & Stiglitz, Joseph E, 1984. "Equilibrium Unemployment as a Worker Discipline Device," American Economic Review, American Economic Association, vol. 74(3), pages 433-44, June. [Downloadable!] (restricted)
  5. Carlier, G. & Gaumont, D., 2002. "A note on wage differentials, fixed-wages and adverse selection," Economics Letters, Elsevier, vol. 77(3), pages 349-356, November. [Downloadable!] (restricted)
  6. Eckstein, Zvi & Mortensen, Dale T., 2006. "Labor search," European Economic Review, Elsevier, vol. 50(4), pages 807-810, May. [Downloadable!] (restricted)
  7. Eckstein, Zvi & van den Berg, Gerard J., 2003. "Empirical Labor Search: A Survey," IZA Discussion Papers 929, Institute for the Study of Labor (IZA). [Downloadable!]
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  8. Azariadis, Costas, 1975. "Implicit Contracts and Underemployment Equilibria," Journal of Political Economy, University of Chicago Press, vol. 83(6), pages 1183-1202, December. [Downloadable!] (restricted)
  9. Krueger, Alan B & Summers, Lawrence H, 1988. "Efficiency Wages and the Inter-industry Wage Structure," Econometrica, Econometric Society, vol. 56(2), pages 259-93, March. [Downloadable!] (restricted)
  10. Polemarchakis, Heraklis M & Weiss, L, 1978. "Fixed Wages, Layoffs, Unemployment Compensation, and Welfare," American Economic Review, American Economic Association, vol. 68(5), pages 909-17, December. [Downloadable!] (restricted)
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