期刊名称：IoES Working Paper Series / Institute of Economic Studies, University of Iceland
出版年度：2009
卷号：2009
出版社：niversity of Iceland
摘要：This paper provides an explanation for the observed positive relationship between
youth unemployment and the cost of firing workers. When the cost of firing workers is
high, firms only fire when the present discounted value of future losses is high, in
which case they gain little by postponing the firing decision in the hope that
productivity will recover. The young workers are then the first to go due to their
longer remaining tenure. In contrast, when the cost of firing workers is low, the
present discounted value of future losses is small at the firing margin and firms may
choose to wait in the hope of a recovery. In this case they may choose to fire the older
workers first since the younger ones are more likely to be around when productivity
recovers.
关键词：Age-structure, tenure, firing decisions, real options
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