Munasinghe, Lalith (contributor); … - 2002 - [Elektronische Ressource]
;specifically a worker
stays in period t if and only if θ ≤ x
t
(intheeventoftiesweassumetheworker
stays).
Let h
t
, ∀t ≥ 1, denote … the probability that an age-t worker stays on the job.
Then
h
t
= G(x
t
).
We refer to h
t
as the continuation hazard … probability .25. These values have been chosen
so that the high-rent phase begins at period 5, just as before.
Then the wage stays …