Dynamic Labor Force Participation Decisions of Males in the Presence of Layoffs and Uncertain Job Offers
构建了一个工人一生中工作或不工作的效用最大化模型，考虑工作机会和裁员概率随时间变化，以及工作时的解雇风险与不工作时的无工作机会风险，利用美国青年纵向调查数据估计动态规划算法。
This paper presents a utility maximization model of workers who make decisions to work or not over a lifetime. The objective is to maximize the presented discounted value of utility arising from the participation decisions. In addition to duration dependence introduced through time-variant job offer and layoff probabilities, state dependence enters the model by the existence of a different risk while working, namely, the dismissal risk, than the one while not working, namely, the possibility of no job offers. A dynamic programming algorithm is solved and estimated within a maximum likelihood routine, with data from the National Longitudinal Surveys youth cohort.