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This results in a market failure, meaning that the wage is not being set according to the labor market's needs or preferences. A behavior of the insider-outsider model is illustrated at right, where Nd represents the optimal level of employment of labor firms and Ns represents the quantity of labor time workers desire to supply at a given wage ...
Screening techniques are employed within the labour market during the hiring and recruitment stage of a job application process. In brief, the hiring party (agent with less information) attempts to reveal more about the characteristics of potential job candidates (agents with more information) so as to make the most optimal choice in recruiting a worker for the role.
An economic model in which all agents of a given type (such as all consumers, or all firms) are assumed to be exactly identical is called a representative agent model. A model which recognizes differences among agents is called a heterogeneous agent model. Economists often use representative agent models when they want to describe the economy ...
Coordination failure can lead to an underemployment equilibrium. [3] Coordination failure also implies that fiscal policy can mitigate the effects of recessions, or even avoid them entirely, by moving the economy to a higher-output equilibrium. [3] [4] In game theory, coordination failure can also be analyzed by focal point (game theory). Focal ...
Finding the right car insurance can seem overwhelming. One way to navigate this complexity is by talking with an independent insurance agent. These agents are licensed to sell insurance products ...
In the principal-agent model it is argued that an agent will choose a large (observable) investment level when he has a strong outside option. Yet, an agent with a weak outside option might try to bluff by also choosing a large investment, in order to make the principal believe that the agent has a strong outside option (so that the principal ...
WASHINGTON (Reuters) -U.S. producer prices increased by the most in five months in November, but a moderation in the costs of services such as portfolio management fees and airline fares offered ...
Texas Attorney General Ken Paxton filed a lawsuit against VA Claims Insider, ... 24/7 Help. For premium support please call: 800-290-4726 more ways to reach us. Mail. Sign in. Subscriptions;