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Money, fame and the allocation of talent: Brain drain and the institution of science

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Jeon, Doh-Shin
Menicucci, Domenico

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Abstract

The earning structure in science is flatter than in the private sector, which could cause a brain drain toward the latter. This paper studies the allocation of talent between both sectors when agents value money and fame. Assuming that the intrinsic performance is a less noisy signal of talent in science than in the private sector, we show that a good institution of science mitigates the brain drain and that introducing extra monetary incentives through the market might induce excessive diversion from pure to applied research. We finally show the optimality of a relatively flat earning structure in science.

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Publisher Info
Article provided by Elsevier in its journal Journal of Economic Behavior & Organization.

Volume (Year): 66 (2008)
Issue (Month): 3-4 (June)
Pages: 558-581
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Handle: RePEc:eee:jeborg:v:66:y:2008:i:3-4:p:558-581

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  2. Kremer, Michael, 1993. "The O-Ring Theory of Economic Development," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 551-75, August. [Downloadable!] (restricted)
  3. Daron Acemoglu & Thierry Verdier, 2000. "The Choice between Market Failures and Corruption," American Economic Review, American Economic Association, vol. 90(1), pages 194-211, March. [Downloadable!] (restricted)
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  4. Kwok, Viem & Leland, Hayne, 1982. "An Economic Model of the Brain Drain," American Economic Review, American Economic Association, vol. 72(1), pages 91-100, March. [Downloadable!] (restricted)
  5. Emmanuel Saez, 2002. "Optimal Income Transfer Programs: Intensive Versus Extensive Labor Supply Responses," The Quarterly Journal of Economics, MIT Press, vol. 117(3), pages 1039-1073, August. [Downloadable!] (restricted)
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  6. Lazear, Edward P., 2003. "Entrepreneurship," IZA Discussion Papers 760, Institute for the Study of Labor (IZA). [Downloadable!]
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  7. Bénabou, Roland & Tirole, Jean, 2004. "Incentives and Prosocial Behaviour," CEPR Discussion Papers 4633, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  8. Partha, Dasgupta & David, Paul A., 1994. "Toward a new economics of science," Research Policy, Elsevier, vol. 23(5), pages 487-521, September. [Downloadable!] (restricted)
  9. Jerry Thursby & Marie Thursby, 2005. "Gender Patterns of Research and Licensing Activity of Science and Engineering Faculty," The Journal of Technology Transfer, Springer, vol. 30(4), pages 343-353, October. [Downloadable!] (restricted)
  10. Murphy, Kevin M & Shleifer, Andrei & Vishny, Robert W, 1991. "The Allocation of Talent: Implications for Growth," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 503-30, May. [Downloadable!] (restricted)
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  11. Dasgupta, Partha & David, Paul, 1985. "Information Disclosure and the Economics of Science and Technology," CEPR Discussion Papers 73, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  12. Murphy, Kevin J., 1999. "Executive compensation," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 38, pages 2485-2563 Elsevier. [Downloadable!] (restricted)
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