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政大機構典藏 > 社會科學學院 > 財政學系 > 期刊論文 > Item 140.119/22314

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/22314

Title:	Bonding Shirking and Adverse Selection
Authors:	林忠正
Keywords:	Shirking;Adverse selection;Bonding;Labor quality;Externalities
Date:	2004-05
Issue Date:	2009-01-06 15:23:06 (UTC+8)
Abstract:	The most serious theoretical difficulty regarding shirking-type efficiency wage models is that the introduction of the so-called bonding scheme eliminates involuntary unemployment. This paper develops a shirking-adverse selection model where the resulting key feature is that labor quality within an individual firm negatively depends on the average amount of bonds in the market. Under this situation, a larger bond required by an individual firm will lower the firm`s labor quality and will discourage it from bonding its employees to the limit. This adverse selection problem gives rise to the possibility that bonding cannot eventually eliminate involuntary unemployment. Moreover, a larger bond required by a firm also worsens the labor quality within all other firms (negative externalities). The presence of these negative externalities implies that the profit-maximizing size of bonds required by individual firms in the market may be too large from the viewpoint of social welfare. This opens a possible role for bonding legislation to achieve an equilibrium Pareto superior to the competitive equilibrium.
Relation:	Economic Modelling,21(3),545-560
Data Type:	article
Appears in Collections:	[財政學系] 期刊論文

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