Underemployment Fuzzy Equilibrium

  • Antoine Billot
Part of the Lecture Notes in Economics and Mathematical Systems book series (LNE, volume 373)

Abstract

From the quasi-Walrasian theory of unemployment (Calvo [1979], Azariadis [1975], Baily [1977]) with imperfect information (Phelps [1970], Mortensen [1970] and Salop [1979]) to Hahn’s [1987] paper, Shaked & Sutton’s [1984] one or Rubinstein’s [1981] recent works (which introduce involuntary unemployment into bargaining models), the problem of consistency between involuntary unemployment and Walrasian equilibrium is generally studied according to the search theory (with introduction of individual costs). Nevertheless, most of these authors — and especially Hahn — looked for the precise point of the Walrasian theory that could allow to talk about the involuntary aspect of unemployment when a perfect flexibility of prices and wages remained.

Keywords

Corn Income Coherence 

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Copyright information

© Springer-Verlag Berlin Heidelberg 1992

Authors and Affiliations

  • Antoine Billot
    • 1
  1. 1.Department of EconomicsUniversity of Paris 2 (Panthéon-Assas)ParisFrance

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