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The Structure of Multi-Period Employment Contracts with Incomplete Insurance Markets

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  • Richard Arnott

Abstract

This paper examines the structure of multi-period employment contracts in an economy with identical workers when only incomplete insurance is provided against job-related contingencies. The incompleteness of insurance markets stems from an asymmetry of information between the worker and the insurer. In this situation, the employment contract will provide implicit insurance by paying workers less than their marginal product during some periods and more during others. The paper explores how the characteristics of such contracts are altered by increases in uncertainty, worker risk aversion, hiring costs, and the amount of specific and general training provided. A sequel to this paper examines the efficiency properties of such contracts.
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Suggested Citation

  • Richard Arnott, 1982. "The Structure of Multi-Period Employment Contracts with Incomplete Insurance Markets," Canadian Journal of Economics, Canadian Economics Association, vol. 15(1), pages 51-76, February.
    • Handle: RePEc:cje:issued:v:15:y:1982:i:1:p:51-76
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    Cited by:

    1. Lam, Kit-Chun & Liu, Pak-Wai & Wong, Yue-Chim, 1995. "Wage structure when wage offers are private," Labour Economics, Elsevier, vol. 2(1), pages 19-32, March.

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