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| Author: | Newmark, D. Stock, W. |
| Title: | Age discrimination laws and labor market efficiency |
| Journal: | Journal of Political Economy
1999 : OCT, VOL. 107:5, p. 1081-1125 |
| Index terms: | POLITICAL ECONOMY AGE DISCRIMINATION LABOUR MARKETS |
| Language: | eng |
| Abstract: | In Lazear's model of long-term incentive contracts, age discrimination laws barring age-based involuntary terminations preclude such contracts, reducing efficiency. Alternatively, such laws may serve as precommitment devices for these contracts, without preventing firms from offering strong financial incentives to induce retirement at specific ages. In this case, age discrimination laws may encourage Lazear contracts, hence increasing efficiency. |
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