This paper reviews the literature on wage differences among industries and establishments.
After surveying the empirical evidence on intra‐and interindustry wage differentials, five …

Publisher Summary In the US economy, approximately 100 million workers are matched
with market work activities on any given day. Millions more are matched with the nonmarket …

This paper presents a simple, general framework for analyzing externalities in economies
with incomplete markets and imperfect information. By identifying the pecuniary effects of …

In one sense, contracts provide the foundation for a large part of economic analysis. Any
trade—as a quid pro quo—must be mediated by some form of contract, whether It be explicit …

If the legal rate... was fixed so high..., the greater part of the money which was to be lent,
would be lent to prodigals and profectors, who alone would be willing to give this higher …

It is surely appropriate that the John R. Commons lecture would someday be given on the
subject of Institutions. Anyone who goes back to read The Legal Foundations of Capital ism …

The US industrial sector displays heterogeneity among firms on the basis of their size:
smaller firms exhibit a higher profit rate, lower survival probability and difficulty in accessing …

7mplicit contracts resolve the distribution of uncertainty and utilization of specific human
capital between risk averse workers and less risk averse firms. Incomplete contracts are …

This paper considers two sets of theories attempting to explain wage rigidities and
unemployment: implicit contract theory and the efficiency wage theory. The basic thesis of …

In this paper, I wish to explore the relationship between risk, insurance, incentives, and
imperfect information. Understanding the relationship between these is fundamental, and …