Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/218943 
Year of Publication: 
2019
Citation: 
[Journal:] Journal of Mathematical Economics and Finance [ISSN:] 2458-0813 [Volume:] 5 [Issue:] 2 [Publisher:] ASERS [Place:] Craiova [Year:] 2019 [Pages:] 1-9
Publisher: 
ASERS, Craiova
Abstract: 
The purpose of this note is to describe the lottery- and insurance-market equilibrium in an economy with non-convex labor supply decision, unobservable effort, and incentive ("fair") wages. The presence of indivisible labor creates a market incompleteness, which requires that an insurance market for employment be put in operation to "complete" the market.
Subjects: 
indivisible labor
lotteries
unobservable effort
fair wages
insurance
JEL: 
J22
J41
Persistent Identifier of the first edition: 
Document Type: 
Article
Document Version: 
Published Version
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