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Heterogeneous labor and implicit contracts |
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| Authors: | Jeff Frank |
| Affiliation: | Tulane University, New Orleans, LA 70118, USA;University of Essex, Colchester CO4 3SQ, UK |
| Abstract: | The paper examines the role of layoffs under implicit contracts, when labor is heterogeneous. Wage-adjustment strategies are preferable in that employment is allocated more efficiently. The impossibility of effectively commiting to employment levels may reverse the ordering. |
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