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Insider-Outsider Theory and the Case for Implicit Contracts

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  • Leslie, Derek

Abstract

The purpose of this paper is to show that insider-outsider theory and implicit contracts are complementary rather than rival theories. Insider-outsider theory introduces some realistic institutional detail into implicit contracts, and insider-outsider theory is enriched by a more careful consideration of optimal wage contracts under conditions of uncertainty, which is the main comparative advantage of the implicit contract approach. The paper introduces a hybrid model and shows how the predictions of both approaches are modified. Copyright 1992 by Royal Economic Society.

Suggested Citation

  • Leslie, Derek, 1992. "Insider-Outsider Theory and the Case for Implicit Contracts," Economic Journal, Royal Economic Society, vol. 102(410), pages 37-48, January.
  • Handle: RePEc:ecj:econjl:v:102:y:1992:i:410:p:37-48
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    Cited by:

    1. Schob, Ronnie & Wildasin, David E., 2007. "Economic integration and labor market institutions: Worker mobility, earnings risk, and contract structure," Regional Science and Urban Economics, Elsevier, vol. 37(2), pages 141-164, March.
    2. Fredriksson, Per G. & Gaston, Noel, 1999. "The "greening" of trade unions and the demand for eco-taxes," European Journal of Political Economy, Elsevier, vol. 15(4), pages 663-686, November.
    3. Franz, Wolfgang, 1993. "Unvollkommene Arbeitsmärkte in makroökonomischen Modellen: Eine Übersicht," Discussion Papers 1, University of Konstanz, Center for International Labor Economics (CILE).
    4. João R. Faria & Paulo R. A. Loureiro & Franklin G. Mixon & Adolfo Sachsida, 2016. "Minority Faculty Hiring Power in Academe: an Economic Model," The Review of Black Political Economy, Springer;National Economic Association, vol. 43(3), pages 273-288, December.

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