Habits, hysteresis and catastrophes in labor supply

This paper investigates the implications of a general model of locally unstable habit formation with respect to consumption, household time and corporate time. The model is shown to imply multiple long-run equilibria exhibiting hysteresis and catastrophes dependent on rationings and the wage rate. T...

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Bibliographic details
Volume: 20
Main Author: M. Vendrik, Maarten C
Format: Journal Article
Language: English
Zielgruppe: Academic
Place of publication: AMSTERDAM Elsevier B.V 1993
ELSEVIER SCIENCE BV
Elsevier
published in: Journal of economic behavior & organization Vol. 20; no. 3; pp. 353 - 372
Data of publication: 1993
ISSN: 0167-2681
1879-1751
EISSN: 1879-1751
Discipline: Business
Economics
Series: Journal of Economic Behavior & Organization
Subjects:
Online Access: Fulltext
Database: Social Sciences Citation Index
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Web of Science - Social Sciences Citation Index - 1993
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