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

  • John Haltiwanger

    (UCLA)

  • Michael Waldman

    (UCLA)

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.

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File URL: http://www.econ.ucla.edu/workingpapers/wp370.pdf
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Paper provided by UCLA Department of Economics in its series UCLA Economics Working Papers with number 370.

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Date of creation: 01 Jun 1985
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Handle: RePEc:cla:uclawp:370
Contact details of provider: Web page: http://www.econ.ucla.edu/

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  1. Michael Waldman, 1984. "Job Assignments, Signalling, and Efficiency," RAND Journal of Economics, The RAND Corporation, vol. 15(2), pages 255-267, Summer.
  2. Milton Harris & Bengt Holmstrom, 1981. "A Theory of Wage Dynamics," Discussion Papers 488, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  3. Salop, Joanne & Salop, Steven, 1976. "Self-Selection and Turnover in the Labor Market," The Quarterly Journal of Economics, MIT Press, vol. 90(4), pages 619-27, November.
  4. Grossman, Sanford J & Hart, Oliver D, 1981. "Implicit Contracts, Moral Hazard, and Unemployment," American Economic Review, American Economic Association, vol. 71(2), pages 301-07, May.
  5. Weiss, Yoram, 1984. "Wage Contracts When Output Grows Stochastically: The Roles of Mobility Costs and Capital Market Imperfections," Journal of Labor Economics, University of Chicago Press, vol. 2(2), pages 155-73, April.
  6. Grossman, Herschel I, 1977. " Risk Shifting and Reliability in Labor Markets," Scandinavian Journal of Economics, Wiley Blackwell, vol. 79(2), pages 187-209.
  7. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
  8. Azariadis, Costas, 1975. "Implicit Contracts and Underemployment Equilibria," Journal of Political Economy, University of Chicago Press, vol. 83(6), pages 1183-1202, December.
  9. James L. Medoff & Katharine G. Abraham, 1980. "Experience, Performance, and Earnings," NBER Working Papers 0278, National Bureau of Economic Research, Inc.
  10. V.V. Chari, 1980. "Involuntary Unemployment and Implicit Contracts," Discussion Papers 459, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  11. Jaffee, Dwight M & Russell, Thomas, 1976. "Imperfect Information, Uncertainty, and Credit Rationing," The Quarterly Journal of Economics, MIT Press, vol. 90(4), pages 651-66, November.
  12. Green, Jerry & Kahn, Charles M, 1983. "Wage-Employment Contracts," The Quarterly Journal of Economics, MIT Press, vol. 98(3), pages 173-87, Supplemen.
  13. Lazear, Edward P, 1979. "Why Is There Mandatory Retirement?," Journal of Political Economy, University of Chicago Press, vol. 87(6), pages 1261-84, December.
  14. Gary S. Becker & George J. Stigler, 1974. "Law Enforcement, Malfeasance, and Compensation of Enforcers," The Journal of Legal Studies, University of Chicago Press, vol. 3(1), pages 1-18, January.
  15. John Haltiwanger, 1982. "On the Relationship Between Risk Aversion and the Development of Long Term Worker-Firm Attachments," UCLA Economics Working Papers 274, UCLA Department of Economics.
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