Efficiency and Equality in a Simple Model of Efficient Unemployment Insurance
构建了一个简单模型，研究在工人面临就业风险和道德风险时，如何实现消费与工作努力的有效分配，并探讨效率与平等之间的权衡。
This paper describes the efficient allocation of consumption and work effort in an economy in which workers face idiosyncratic employment risk and considerations of moral hazard prevent full insurance. We impose a lower bound on the expected discounted utility that can be assigned to any agent from any date onward and show, with this feature added, that the efficient unemployment insurance scheme induces an invariant cross-sectional distribution of individual entitlements to utility. The paper thus provides a simple prototype model suited to the study of the normative question: what is the trade-off between equality and efficiency in resource allocation? Journal of Economic Literature Classification Numbers: D31, D63, D82, J65.