Moral Hazard and Unemployment in Competitive Equilibrium
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https://www.nber.org/papers/w32700
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Principal-agent models take outside options, determining participation and incentive constraints, as given. We construct a general equilibrium model where workers reservation wages and the maximum punishment acceptable before workers quit are instead determined endogenously. We simultaneously extend
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美国国家经济研究局创建时间：
2024-07-01
