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Lotteries for Consu...
Lotteries for Consumers versus Lotteries for Firms
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- Sargent, Thomas, J. (author)
- New York University
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- Ljungqvist, Lars (author)
- Stockholm School of Economics,Handelshögskolan i Stockholm
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(creator_code:org_t)
- Cambridge University Press, 2005
- 2005
- English.
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In: Frontiers in Applied General Equilibrium Modeling. - : Cambridge University Press. - 0511614330 - 9780511614330 - 9780521153737 - 9780521825252 - 0521153735 - 0521825253 ; , s. 119-126
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Abstract
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- Edward C. Prescott emphasizes similarities between lotteries that smooth nonconvexities for firms and for consumers–workers. We emphasize their differences. We also argue that models with employment lotteries that are used to generate unemployed individuals in a frictionless framework can have implications very different from those of models embodying frictional unemployment. As an illustration, models with employment lotteries predict effects from job destruction taxes that are the opposite of those in search models.
Subject headings
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economics (hsv//eng)
Publication and Content Type
- kap (subject category)
- ref (subject category)
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