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21 septembre 2017
- doi: 10.58079/si3c
info:eu-repo/semantics/openAccess
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Konrad Sarzyński, « The Shapiro-Stiglitz Model with Non-constant Marginal Utility », Open economics blog, ID : 10.58079/si3c
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Authors: Joseph S. K. Wu / Chi Pui Ho Published Online: 2017-09-06 | DOI: https://doi.org/10.1515/openec-2017-0003 source: Fig. 3 from presented article Abstract The Shapiro-Stiglitz model plays an important role in the employment theory. Woodford pointed out the theoretic limitation of the linear worker's utility function in that model. He questioned the model's implication of the secular decline in the unemployment rate when such rate was in fact trendless. He proposed to resolve th...