Consumption Commitments and Employment Contracts
研究消费承诺如何影响消费者风险态度，进而导致最优雇佣合同在就业时平滑工资，但可能包含失业风险。
We examine an economy in which the cost of consuming some goods can be reduced by making commitments that reduce flexibility. We show that such consumption commitments can induce consumers with risk-neutral underlying utility functions to be risk averse over small variations in income, but sometimes to seek risk over large variations. As a result, optimal employment contracts will smooth wages conditional on being employed, but may incorporate a possibility of unemployment. Copyright 2008, Wiley-Blackwell.