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Working Time and Employment under UncertaintyYu-Fu ChenUniversity of Dundee - Department of Economic Studies Michael FunkeUniversity of Hamburg - Department of Economics and Business Administration; CESifo (Center for Economic Studies and Ifo Institute for Economic Research) May 2002 CESifo Working Paper Series No. 732 Abstract: The standard literature on working time has modeled the decisions of firms in a deterministic framework in which firms can choose between employment and overtime (given mandated standard hours). Contrary to this approach, we consider the impact of uncertainty and real options on the decision of working time, i.e. we examine the determinants of employment and hours in a stochastic framework. We conclude the theoretical analysis with a number of simulation exercises to illustrate the working of the model.
Number of Pages in PDF File: 28 Keywords: Real Options, Uncertainty, Working Time, Employment, Labor Demand JEL Classification: D81, E24, J23 working papers seriesDate posted: September 11, 2002Suggested CitationContact Information
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