Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/20423
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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 areemployment and unemployment risks. Without income insurance, consumption rises duringemployment and falls during unemployment. Optimal employment contracts offer severancecompensation and sometimes give notice before dismissal. Severance compensationsmoothes consumption during employment but dismissal delays insure partially against theunemployment risk because of moral hazard. During the delay consumption falls to giveincentives to the worker to search for another job. No dismissal delays are optimal ifexogenous unemployment compensation is sufficiently generous.en_US
dc.language.isoengen_US
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen_US
dc.relation.ispartofseries|aIZA Discussion paper series |x1183en_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-

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