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Implicit Labour Contracts and Firm-Specific Human Capital

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Abstract

This paper presents a simple model demonstrating the potential role payed by firm-specific human capital in supporting implicit labour contracts. Firm-specific human capital creates a relationship-specific surplus which not only provides a motivation for continuity of association, but also permits the firm to act as both creditor and insurer to the worker. The model highlights the point that, by facilitating commitment to long-term contracts, the creation of mobility costs for workers may in fact be welfare improving.

Suggested Citation

  • Wilkins, R., 1998. "Implicit Labour Contracts and Firm-Specific Human Capital," Department of Economics - Working Papers Series 618, The University of Melbourne.
    • Handle: RePEc:mlb:wpaper:618
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    More about this item

    Keywords

    LABOUR ; CONTRACTS ; HUMAN CAPITAL;
    All these keywords.

    JEL classification:

    • J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts
    • J6 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers

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