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The Handbooks in Economics sequence maintains to supply a few of the branches of economics with handbooks that are definitive reference resources, appropriate to be used by way of specialist researchers, complicated graduate scholars, or through these looking a instructing supplement.With contributions from top researchers, every one guide offers a correct, self-contained survey of the present nation of the subject below exam. those surveys summarize the latest discussions in journals, and elucidate new developments.Although unique fabric is usually integrated, the most target of this sequence is the supply of finished and available surveys
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Extra resources for Handbook of the Economics of Education, Volume 1
30 Y. Rubinstein and Y. Weiss A risk-neutral firm is indifferent between all contingent contracts that yield the same expected value. However, a risk-averse worker with no access to the capital or insurance markets would prefer that the payment stream will be as stable as possible. If the worker can commit to stay with the firm, the competition among firms will force them to offer wage contracts that smooth the wage payments over time and across states of nature. In practice, workers cannot legally bind themselves to a firm; their option to leave the firm limits the insurance and consumption smoothing that firms can provide [see Harris and Holmstrom (1982), Weiss (1984)].
An important feature of the optimal wage contract is that wages in period t generally depend on the entire history of shocks and not simply on the accumulated human capital at time t. Specifically, yt (ht−2 , 1, 0) may exceed yt (ht−2 , 0, 1). While workers have the same productive capacity in period t in both cases, there are wage gains from having early success. This is because early success provides opportunities for sharing risk with potentially more productive realizations in the future, an option not available to workers who experienced early failure.
In equilibrium, there is no mobility across firms. However the workers’ option to leave the firm affects wage growth. Paradoxically, workers are better off when the costs of mobility are high. This holds for two related reasons. First, with high mobility costs, workers are effectively locked in with the firm so that the firm can provide perfect rather than partial insurance. Second, because information is public and workers are equally productive in all firms, mobility serves no productive role.