Firm-Specific Training and Contract Length
AbstractWages subject to continuous renegotiations provide inefficient incentives for the creation of firm-specific human capital if training requires both firm investment and worker effort. Noncontingent career-long, fixed-wage contracts do not induce efficient levels of training because they award all the quasi-rents from training to the firm, leaving no incentive for trainee effort. Intermediate-length, fixed-wage contracts with known expiration dates can improve training incentives. During the life of the contract, all the quasi-rents accrue to the firm, but the trainee puts forth effort because he can appropriate future rents after the contract expires. Copyright 1990 by The London School of Economics and Political Science.
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Bibliographic InfoArticle provided by London School of Economics and Political Science in its journal Economica.
Volume (Year): 57 (1990)
Issue (Month): 225 (February)
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- James M. Malcomson & James W. Maw & Barry McCormick, 2002.
"General Training by Firms, Apprentice Contracts, and Public Policy,"
CESifo Working Paper Series
696, CESifo Group Munich.
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- James Malcomson & James W. Maw, 2002. "General Training by Firms, Apprentice Contracts, and Public Policy," Economics Series Working Papers 86, University of Oxford, Department of Economics.
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0503, Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure.
- Mohamed Ben Halima, 2005. "The determinants for labour contract length A French micro-econometric study," Post-Print halshs-00180067, HAL.
- Danziger, Leif, 1995. "Discrete shocks and fixed duration of labor contracts," Labour Economics, Elsevier, vol. 2(4), pages 359-379, December.
- Mohamed Ben Halima & Bassem Ben Halima, 2008. "Determinants for Labour Contract Length: A French Microeconometric Study," Post-Print halshs-00365976, HAL.
- Lindner, Axel, 1998. "Modelling the German system of vocational education," Labour Economics, Elsevier, vol. 5(4), pages 411-423, December.
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