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Uncertainty in Labor Productivity and Specific Human Capital Investment

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Author Info
Chong-En Bai (University of Hong Kong)
Yijiang Wang (University of Minnesota)

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Abstract

Uncertainty in labor productivity (ULP) is affected by many factors, such as worker-employer matching, technology, and macroeconomic conditions. Not surprisingly, ULP varies across firms, industries, and economies. How do variations in ULP affect specific human capital (SHC) investment, wage, and labor turnover? A fixed-wage model is used to show that the answer depends critically on the initial level of ULP. The model is also used to show that wage and SHC are always positively correlated, but SHC investment and labor turnover do not have a monotonic relationship. These results have implications for empirical studies and public policies affecting ULP.

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File URL: http://www.journals.uchicago.edu/cgi-bin/resolve?JOLE210306
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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Labor Economics.

Volume (Year): 21 (2003)
Issue (Month): 3 (July)
Pages: 651-676
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Handle: RePEc:ucp:jlabec:v:21:y:2003:i:3:p:651-676

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  1. Yijiang Wang, . "Product Market Conditions and Job Design," Working Papers 0402, Industrial Relations Center, University of Minnesota (Twin Cities Campus). [Downloadable!]
  2. Chong-En Bai & Chenggang Xu, 2001. "Ownership, Incentives and Monitoring," STICERD - Theoretical Economics Paper Series 413, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
  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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This page was last updated on 2009-12-17.

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