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[answered] 10 workers work jointly on a project; all are equally skill


10 workers work jointly on a project; all are equally skilled. The total value of the output produced is $70 times the sum of the number of hours worked by all 10 workers. Each worker's utility is equal to his income minus the square of the number of hours he works. Each worker is completely selfish. Their employer has no way of keeping track of any individual's actual work effort, so she decides to let each person work as long as he wants to and then divide the total value of the output equally among the workers. How much income will each worker get under this arrangement?


ANSWER.

 

10 workers work jointly on a project; all are equally skilled. The total value of the output

 

produced is $70 times the sum of the number of hours worked by all 10 workers. Each

 

worker's...

 


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