This article presents a model of commercial fishing in a stochastic environment that focuses on the labor-employment contract. In a partial equilibrium context, the authors show that when boat owners and crew members are risk-averse, crop sharing is the optimal contract, and the resultant labor...

In Lima, Peru, the informal sector makes up half the labor force, accounts for 61 percent of the hours worked, and generates an astounding 39 percent of GDP. More than half the street vendors are women. In the informal sector, the free play of market forces determines returns to productive...

This extensive Monte Carlo study re-examines properties of the nonparametric maximum likelihood estimator of discrete duration models with unobserved heterogeneity and unknown duration dependence. Alternative specifications and computation strategies are compared. We find: i) The inherent...