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Why Is Evidence for Implicit Contracts in the Labour Market So Scarce?

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  • Bleaney, Michael

Abstract

Under simple assumptions, opportunities exist for risk-averse workers to trade risk with less risk-averse employers by accepting a lower mean wage in return for greater certainty. Empirical evidence for the existence of such implicit contracts is, however, notably scarce. A simple explanation for this apparent paradox is that the incentives to such risk-trading are greatly reduced by strong positive serial correlation in the state of the labor market. Copyright 1991 by Blackwell Publishers Ltd/University of Adelaide and Flinders University of South Australia

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  • Bleaney, Michael, 1991. "Why Is Evidence for Implicit Contracts in the Labour Market So Scarce?," Australian Economic Papers, Wiley Blackwell, vol. 30(56), pages 21-27, June.
    • Handle: RePEc:bla:ausecp:v:30:y:1991:i:56:p:21-27
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    Cited by:

    1. Josheski, Dushko & Magdinceva-Sopova, Marija, 2014. "Đ•conomic theory and the New-Keynesian school," MPRA Paper 53284, University Library of Munich, Germany.

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