The Simple analytics of job displacement insurance

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      <subfield code="a">Job displacement is a threat to the earnings of long-tenured workers through unemployment spells and reduced reemployment wages. Although full insurance requires both unemployment benefits and wage insurance, supply difficulties limit actual-loss insurance, and separation packages include partial unemployment insurance and scheduled (fixed sum) severance pay. The design of this two-dimensional package requires a systems approach as well as a generalized replacement ratio measure of adequacy. Job search moral hazard and layoff moral hazard (firing costs) introduce serious contracting concerns. Economic theory provides a guide to the integration of these insurance instruments in this complex planning environment.</subfield>
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      <subfield code="t">The Journal of risk and insurance</subfield>
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      <subfield code="g">03/06/2019 Volumen 86 Número 2 - junio 2019 , p. 351-380</subfield>
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