The risk-incentive trade-off in competitive search
Autor(a) principal: | |
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Data de Publicação: | 2015 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/13636 |
Resumo: | I use the competitive search framework to model a job market with heterogeneous workers in which there is a moral hazard problem in the employer-worker relation. In this setting, I can predict how contracts react to changes in underlying parameters of the market (in particular, the production risk), as well as how the probability of each type of worker being hired responds. My main finding is that while at the individual level there is a negative risk- incentive trade-off, general equilibrium effects imply that the effect can be positive at the aggregate level depending on the market search frictions and the distribution of types. My re- sults help shed some light on some puzzling empirical findings on the risk-incentives trade-off. |
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Onuchic, Paula FerreiraEscolas::EESPCamargo, Bráz Ministério de2015-04-15T12:36:57Z2015-04-15T12:36:57Z2015-03-19ONUCHIC, Paula Ferreira. The risk-incentive trade-off in competitive search. Dissertação (Mestrado em Economia de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2015.http://hdl.handle.net/10438/13636I use the competitive search framework to model a job market with heterogeneous workers in which there is a moral hazard problem in the employer-worker relation. In this setting, I can predict how contracts react to changes in underlying parameters of the market (in particular, the production risk), as well as how the probability of each type of worker being hired responds. My main finding is that while at the individual level there is a negative risk- incentive trade-off, general equilibrium effects imply that the effect can be positive at the aggregate level depending on the market search frictions and the distribution of types. My re- sults help shed some light on some puzzling empirical findings on the risk-incentives trade-off.Usando a abordagem de competitive search, modelo um mercado de trabalho com trabalhadores heterogêneos no qual há um problema de risco moral na relação entre firmas e trabalhadores. Nesse contexto, consigo prever como contratos reagem a mudanças nos parâmetros do mercado (em particular, o risco de produção), assim como a variação da probabilidade dos trabalhadores serem contratados. Minha contribuição principal é ver que, no nível individual, existe uma relação negativa entre risco e incentivos, mas efeitos de equilíbrio geral implicam que essa relação pode ser positiva no nível agregado. Esse resultado ajuda a esclarecer resultados empíricos contraditórios sobre a relação entre risco e incentivos.engDirected searchMoral hazardEconomiaRisco (Economia)Incerteza (Economia)Relações trabalhistasThe risk-incentive trade-off in competitive searchinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessORIGINALABNT-Paula Onuchic.pdfABNT-Paula Onuchic.pdfapplication/pdf497909https://repositorio.fgv.br/bitstreams/565d56b5-566c-44e1-9720-d7bf21a583fe/downloadd5bb3b15c7946403b58a3c866e03c2e6MD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/cfb36500-5ce3-479f-ac94-dcd1bd06871c/downloaddfb340242cced38a6cca06c627998fa1MD52TEXTABNT-Paula Onuchic.pdf.txtABNT-Paula Onuchic.pdf.txtExtracted 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dc.title.eng.fl_str_mv |
The risk-incentive trade-off in competitive search |
title |
The risk-incentive trade-off in competitive search |
spellingShingle |
The risk-incentive trade-off in competitive search Onuchic, Paula Ferreira Directed search Moral hazard Economia Risco (Economia) Incerteza (Economia) Relações trabalhistas |
title_short |
The risk-incentive trade-off in competitive search |
title_full |
The risk-incentive trade-off in competitive search |
title_fullStr |
The risk-incentive trade-off in competitive search |
title_full_unstemmed |
The risk-incentive trade-off in competitive search |
title_sort |
The risk-incentive trade-off in competitive search |
author |
Onuchic, Paula Ferreira |
author_facet |
Onuchic, Paula Ferreira |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EESP |
dc.contributor.author.fl_str_mv |
Onuchic, Paula Ferreira |
dc.contributor.advisor1.fl_str_mv |
Camargo, Bráz Ministério de |
contributor_str_mv |
Camargo, Bráz Ministério de |
dc.subject.por.fl_str_mv |
Directed search Moral hazard |
topic |
Directed search Moral hazard Economia Risco (Economia) Incerteza (Economia) Relações trabalhistas |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Risco (Economia) Incerteza (Economia) Relações trabalhistas |
description |
I use the competitive search framework to model a job market with heterogeneous workers in which there is a moral hazard problem in the employer-worker relation. In this setting, I can predict how contracts react to changes in underlying parameters of the market (in particular, the production risk), as well as how the probability of each type of worker being hired responds. My main finding is that while at the individual level there is a negative risk- incentive trade-off, general equilibrium effects imply that the effect can be positive at the aggregate level depending on the market search frictions and the distribution of types. My re- sults help shed some light on some puzzling empirical findings on the risk-incentives trade-off. |
publishDate |
2015 |
dc.date.accessioned.fl_str_mv |
2015-04-15T12:36:57Z |
dc.date.available.fl_str_mv |
2015-04-15T12:36:57Z |
dc.date.issued.fl_str_mv |
2015-03-19 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
ONUCHIC, Paula Ferreira. The risk-incentive trade-off in competitive search. Dissertação (Mestrado em Economia de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2015. |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/13636 |
identifier_str_mv |
ONUCHIC, Paula Ferreira. The risk-incentive trade-off in competitive search. Dissertação (Mestrado em Economia de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2015. |
url |
http://hdl.handle.net/10438/13636 |
dc.language.iso.fl_str_mv |
eng |
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eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
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