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Firms' Investments in General Training and the Market for Skilled Labour

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Anette Boom ()

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Abstract

An adverse selection model is analysed where firms can either train or hire a skilled worker. In equilibrium the market wage is determined by supply and demand. The quality of the supply of skilled labour is negatively biased because workers stem either from firms that shut down or from firms that observed their trainee's bad quality during the training. If less firms shut down this quality deteriorates and the incentive to train increases. The incentive is inefficient, because firms must share the informational rent and because they free-ride. Ex ante workers may wish to increase the firms' bargaining power

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Paper provided by Departmental Working Papers in its series Papers with number 013.

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  1. Brunello, Giorgio & Medio, Alfredo, 2001. "An explanation of international differences in education and workplace training," European Economic Review, Elsevier, vol. 45(2), pages 307-322, February. [Downloadable!] (restricted)
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  2. Anke S. Kessler & Christoph Lülfesmann, 2006. "The Theory of Human Capital Revisited: on the Interaction of General and Specific Investments," Economic Journal, Royal Economic Society, vol. 116(514), pages 903-923, October. [Downloadable!] (restricted)
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  3. Acemoglu, Daron & Pischke, Jörn-Steffen, 1999. "Minimum Wages and On-the-Job Training," CEPR Discussion Papers 2177, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  4. Rainer Winkelmann, 1997. "How young workers get their training: A survey of Germany versus the United States," Journal of Population Economics, Springer, vol. 10(2), pages 159-170. [Downloadable!] (restricted)
  5. Euwals, Rob & Winkelmann, Rainer, 2001. "Why Do Firms Train? Empirical Evidence on the First Labour Market Outcomes of Graduated Apprentices," IZA Discussion Papers 319, Institute for the Study of Labor (IZA). [Downloadable!]
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  6. Gersbach, Hans & Schmutzler, Armin, 2001. "A Product Market Theory of Training and Turnover in Firms," IZA Discussion Papers 327, Institute for the Study of Labor (IZA). [Downloadable!]
  7. Gary S. Becker, 1975. "Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education, 2nd ed," NBER Books, National Bureau of Economic Research, Inc, number beck75-1.
  8. Katz, Eliakim & Ziderman, Adrian, 1990. "Investment in General Training: The Role of Information and Labour Mobility," Economic Journal, Royal Economic Society, vol. 100(403), pages 1147-58, December. [Downloadable!] (restricted)
  9. Booth, Alison L & Zoega, Gylfi, 2000. "Why Do Firms Invest in General Training? 'Good' Firms and 'Bad' Firms as a Source of Monopsony Power," CEPR Discussion Papers 2536, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  10. Loewenstein, Mark A & Spletzer, James R, 1998. "Dividing the Costs and Returns to General Training," Journal of Labor Economics, University of Chicago Press, vol. 16(1), pages 142-71, January. [Downloadable!] (restricted)
  11. Daron Acemoglu & Jorn-Steffen Pischke, 1999. "The Structure of Wages and Investment in General Training," Journal of Political Economy, University of Chicago Press, vol. 107(3), pages 539-572, June. [Downloadable!] (restricted)
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  12. Daron Acemoglu & Jörn-Steffen Pischke, 1998. "Why Do Firms Train? Theory And Evidence," The Quarterly Journal of Economics, MIT Press, vol. 113(1), pages 78-118, February. [Downloadable!] (restricted)
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  13. Thomas J. Kane & Dietmar Harhoff, 1997. "Is the German apprenticeship system a panacea for the U.S. labor market?," Journal of Population Economics, Springer, vol. 10(2), pages 171-196. [Downloadable!] (restricted)
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  14. Acemoglu, Daron, 1997. "Training and Innovation in an Imperfect Labour Market," Review of Economic Studies, Blackwell Publishing, vol. 64(3), pages 445-64, July. [Downloadable!] (restricted)
  15. David H. Autor, 2000. "Why Do Temporary Help Firms Provide Free General Skills Training?," NBER Working Papers 7637, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  16. Andrea Bassanini & Alison Booth & Giorgio Brunello & Maria De Paola & Edwin Leuven, 2005. "Workplace Training in Europe," IZA Discussion Papers 1640, Institute for the Study of Labor (IZA). [Downloadable!]
  17. Gary S. Becker, 1962. "Investment in Human Capital: A Theoretical Analysis," Journal of Political Economy, University of Chicago Press, vol. 70, pages 9. [Downloadable!] (restricted)
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