General Human Capital As A Shared Investment Under Asymmetric Information
AbstractThis paper examines the firm's optimal wage and layoff policies in situations where only general training is provided and the firm providing training has an advantage in information over other firms. The asymmetric information among firms creates adverse selection that seriously impairs the mobility of labor and consequently affects the firm's optimal policies. General human capital is shown to have the same layoff and cost-sharing implications as firm-specific human capital. Furthermore, the contracts prespecifying rigid wages are proven to be optimal.
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Bibliographic InfoPaper provided by York (Canada) - Department of Economics in its series Papers with number 88-06.
Length: 20 pages
Date of creation: 1988
Date of revision:
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Postal: YORK UNIVERSITY, DEPARTMENT OF ECONOMICS, 4700 KEELE ST-NORTH YORK ONTARIO H3J 1P3 CANADA.
Phone: (416) 736-5083
Fax: (416) 736-5987
Web page: http://dept.econ.yorku.ca/
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human resources ; labour market ; training ; enterprises;
Other versions of this item:
- Shin-Hwan Chiang & Shih-Chen Chiang, 1990. "General Human Capital as a Shared Investment under Asymmetric Information," Canadian Journal of Economics, Canadian Economics Association, vol. 23(1), pages 175-88, February.
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- Anke S. Kessler & Christoph Lülfesmann, 2006.
"The Theory of Human Capital Revisited: on the Interaction of General and Specific Investments,"
Royal Economic Society, vol. 116(514), pages 903-923, October.
- Kessler, Anke & Lülfesmann, Christoph, 2000. "The Theory of Human Capital Revisited: On the Interaction of General and Specific Investments," CEPR Discussion Papers 2533, C.E.P.R. Discussion Papers.
- Christoph Luelfesmann, 2000. "The Theory of Human Capital Revisited: On the Interaction of General and Specific Investments," Econometric Society World Congress 2000 Contributed Papers 0659, Econometric Society.
- Anke S. Kessler & Christoph Lülfesmann, 2002. "The Theory of Human Capital Revisited: On the Interaction of General and Specific Investments," CESifo Working Paper Series 776, CESifo Group Munich.
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