Indivisible-labor, lotteries and idiosyn
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Lilia Maliar; Serguei Maliar
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Article
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2004
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Elsevier Science
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English
β 144 KB
This paper extends the indivisible-labor model by Hansen [J. Monet. Econ. 16 (1985) 309] and Rogerson [J. Monet. Econ. 21 (1988) 3] to include multiple consumers who differ in initial wealth and whose labor productivities are subject to idiosyncratic shocks. In the presence of idiosyncratic uncertai