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Aggregation With A Non-Convex Labor Supply Decision, Unobservable Effort, And Incentive (“Fair”) Wages

Author

Listed:
  • Aleksandar VASILEV

    (University of Lincoln, United Kingdom)

Abstract

The purpose of this note is to explore the problem of a non-convex labor supply decision in an economy with unobservable e_ort and incentive ("fair") wages a la Danthine and Kurmann (2004), and explicitly perform the aggregation presented there without a formal proof, and thus provide - starting from micro-foundations - the derivation of the expected utility functions used for the aggregate household. We show how lotteries as in Rogerson (1988) can be used to convexify consumption sets, and aggregate over individual preferences. With a discrete labor supply decisions, the elasticity of aggregate labor supply becomes a function of effort

Suggested Citation

  • Aleksandar VASILEV, 2018. "Aggregation With A Non-Convex Labor Supply Decision, Unobservable Effort, And Incentive (“Fair”) Wages," Theoretical and Practical Research in the Economic Fields, ASERS Publishing, vol. 9(2), pages 144-147.
    • Handle: RePEc:srs:jtpref:v:9:y:2018:i:2:p:144-147
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    Cited by:

    1. Aleksandar VASILEV, 2019. "Insurance-Markets Equilibrium With A Non-Convex Labor Supply Decision, Unobservable Effort, And Efficiency Wages Of The “No-Shirking” Type," Theoretical and Practical Research in the Economic Fields, ASERS Publishing, vol. 10(1), pages 28-34.
    2. Vasilev Aleksandar, 2020. "Are “fair” wages quantitatively important for business cycle fluctuations in Bulgaria?," Review of Economic Perspectives, Sciendo, vol. 20(1), pages 91-105, March.
    3. Vasilev, Aleksandar, 2019. "Insurance-markets Equilibrium with a Non-convex Labor Supply decision, Unobservable Effort, and Incentive ("Fair") Wages," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 5(2), pages 1-9.
    4. Aleksandar Vasilev, 2021. "A Real-Business-Cycle model with search-and-matching frictions and efficiency ("fair") wages," Journal of Economics and Econometrics, Economics and Econometrics Society, vol. 64(2), pages 1-23.

    More about this item

    JEL classification:

    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
    • J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts

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