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Insurance-markets Equilibrium with Sequential Non-convex Straight-time and Over-time Labor Supply

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  • Vasilev, Aleksandar

Abstract

This note describes the lottery- and insurance-market equilibrium in an economy with non-convex straight-time and overtime employment. In contrast to Hansen and Sargent (1988), the overtime-decision is a sequential one. This requires two separate insurance market to operate, one for straight-time work, and one for overtime. In addi- tion, given that the labor choice for regular and overtime hours is made in succession, the insurance market for overtime needs to open once the insurance market has closed. This segmentation and sequentiality of insurance markets operation is a new result in the literature and a direct consequence of the sequential nature of the overtime labor decision.

Suggested Citation

  • Vasilev, Aleksandar, 2016. "Insurance-markets Equilibrium with Sequential Non-convex Straight-time and Over-time Labor Supply," EconStor Preprints 145298, ZBW - Leibniz Information Centre for Economics.
  • Handle: RePEc:zbw:esprep:145298
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    References listed on IDEAS

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    1. Vasilev, Aleksandar, 2016. "Straight-time and Overtime: A Sequential-Lottery Approach," EconStor Open Access Articles, ZBW - Leibniz Information Centre for Economics, pages 1-5.
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    More about this item

    Keywords

    indivisible labor; straight-time; overtime; sequential lotteries; insurance;

    JEL classification:

    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • J2 - Labor and Demographic Economics - - Demand and Supply of Labor

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