Layoff Unemployment, Risk Shifting, and Productivity
研究隐性劳动契约理论，将工时或努力同时纳入工人效用函数和企业生产函数，证明即使没有失业补偿和闲暇价值，均衡中也会出现裁员。
This paper is concerned with the theory of implicit labor contracts. The implications of introducing hours worked or effort as an argument both in workers' utility functions (in addition to the wage rate) and in firms' production functions (in addition to the number of workers) are considered. It is shown that layoffs can occur at equilibrium in the absence of unemployment compensation and value of leisure, but only because of the inclusion of this additional variable.