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dc.contributor.authorPissarides, Christopher A.en_US
dc.date.accessioned2009-01-28T16:14:00Z-
dc.date.available2009-01-28T16:14:00Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/20423-
dc.description.abstractThis paper derives optimal employment contracts when workers are risk averse and there are employment and unemployment risks. Without income insurance, consumption rises during employment and falls during unemployment. Optimal employment contracts offer severance compensation and sometimes give notice before dismissal. Severance compensation smoothes consumption during employment but dismissal delays insure partially against the unemployment risk because of moral hazard. During the delay consumption falls to give incentives to the worker to search for another job. No dismissal delays are optimal if exogenous unemployment compensation is sufficiently generous.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesIZA Discussion paper series 1183en_US
dc.subject.jelE24en_US
dc.subject.jelJ32en_US
dc.subject.jelJ33en_US
dc.subject.jelE21en_US
dc.subject.ddc330en_US
dc.subject.keywordemployment risken_US
dc.subject.keywordunemployment risken_US
dc.subject.keywordseverance compensationen_US
dc.subject.keywordnotice of dismissalen_US
dc.subject.stwArbeitsvertragen_US
dc.subject.stwArbeitslosenversicherungen_US
dc.subject.stwArbeitslosigkeiten_US
dc.subject.stwRisikoen_US
dc.subject.stwKonsumen_US
dc.subject.stwArbeitskräfteen_US
dc.subject.stwArbeitsmarkttheorieen_US
dc.titleConsumption and Savings with Unemployment Risk : Implications for Optimal Employment Contractsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn389194298en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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