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The Simple Analytics of Job Displacement Insurance
Ist Teil von
The Journal of risk and insurance, 2019-06, Vol.86 (2), p.351-380
Ort / Verlag
Malvern: Wiley Periodicals, Inc
Erscheinungsjahr
2019
Link zum Volltext
Quelle
BSC - Ebsco (Business Source Ultimate)
Beschreibungen/Notizen
Job displacement is a threat to the earnings of long-tenured workers through (1) unemployment spells and (2) reduced reemployment wages. Although full insurance requires both unemployment benefits and wage insurance, supply difficulties limit actual-loss insurance, and separation packages include partial unemployment insurance and scheduled (fixed sum) severance pay. The design of this two-dimensional package requires a systems approach as well as a generalized replacement ratio measure of adequacy. Job search moral hazard and layoff moral hazard (firing costs) introduce serious contracting concerns. Economic theory provides a guide to the integration of these insurance instruments in this complex planning environment.