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Insurance and Labor Market Contracting: An Analysis of the Capital Market Assumption

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  • Haltiwanger, John
  • Waldman, Michael

Abstract

In recent years a large literature has developed that investigates the role of insurance in labor market contracting. Papers in this literature typically assume that workers are completely restricted from borrowing. The authors argue, and to some extent demonstrate, that in many environments capital market imperfections do not lead to a no-borrowing result, rather to a capital market assumption intermediate between the no-borrowing assumption and the perfect capital market assumptions. The authors consider some of the ramifications that this intermediate capital market assumption has on the type of insurance firms provide through the labor market contract. Copyright 1986 by University of Chicago Press.

Suggested Citation

  • Haltiwanger, John & Waldman, Michael, 1986. "Insurance and Labor Market Contracting: An Analysis of the Capital Market Assumption," Journal of Labor Economics, University of Chicago Press, vol. 4(3), pages 355-375, July.
    • Handle: RePEc:ucp:jlabec:v:4:y:1986:i:3:p:355-75
    DOI: 10.1086/298115
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    Cited by:

    1. Michael Waldman, 1990. "A Signalling Explanation for Seniority Based Promotions and Other Labor Market Puzzles," UCLA Economics Working Papers 599, UCLA Department of Economics.
    2. Jonathan P. Thomas & Tim Worrall, 2007. "Limited Commitment Models Of The Labour Market," Scottish Journal of Political Economy, Scottish Economic Society, vol. 54(5), pages 750-773, November.
    3. 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.
    4. Waldman, Michael, 1989. "Information on worker ability : An analysis of investment within the firm," Information Economics and Policy, Elsevier, vol. 4(1), pages 57-80.
    5. repec:eee:labchp:v:3:y:1999:i:pb:p:2373-2437 is not listed on IDEAS
    6. Waldman, Michael, 1996. "Asymmetric learning and the wage/productivity relationship," Journal of Economic Behavior & Organization, Elsevier, vol. 31(3), pages 419-429, December.
    7. Bizer, David S. & DeMarzo, Peter M., 1999. "Optimal Incentive Contracts When Agents Can Save, Borrow, and Default," Journal of Financial Intermediation, Elsevier, vol. 8(4), pages 241-269, October.
    8. Lam, Kit-Chun & Liu, Pak-Wai, 2000. "Verifiable wage offers and recontracting: effect on wage and consumption profiles," Labour Economics, Elsevier, vol. 7(4), pages 449-462, July.

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