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Promotion, Turnover, and Discretionary Human Capital Acquisition

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Author Info
Scoones, David
Bernhardt, Dan

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Abstract

This article explores human capital acquisition decisions when job placement helps determine competition for a worker. With asymmetric information, workers may invest in firm-specific capital without long-term contracts. Specific investment increases promotion chances (and hence wage competition), shifting competition back to a time when firms are symmetrically uninformed. If general human capital is the efficient (output-maximizing) investment, then an equivalent firm-specific investment maximizes expected career wages. This is a general result for sellers in second-price auctions: sellers (of labor) invest to maximize the expected second-highest bidder valuation (wage), not the winner's expected valuation. Copyright 1998 by University of Chicago Press.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Labor Economics.

Volume (Year): 16 (1998)
Issue (Month): 1 (January)
Pages: 122-41
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Handle: RePEc:ucp:jlabec:v:16:y:1998:i:1:p:122-41

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  1. repec:ese:iserwp: is not listed on IDEAS
  2. Joshua C. Pinkston, 2006. "A Model of Asymmetric Employer Learning With Testable Implications," Working Papers 390, U.S. Bureau of Labor Statistics. [Downloadable!]
    Other versions:
  3. Yijiang Wang, . "Demand, Supply and Coordination: An Integrated Theory of the Division of Labor," Working Papers 0405, Industrial Relations Center, University of Minnesota (Twin Cities Campus). [Downloadable!]
  4. Dan Bernhardt & Steeve Mongrain, 2007. "The Layoff Rat Race," Discussion Papers dp07-06, Department of Economics, Simon Fraser University. [Downloadable!]
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