Implicit Labour Contracts and Firm-Specific Human Capital
AbstractThis 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.
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Bibliographic InfoPaper provided by The University of Melbourne in its series Department of Economics - Working Papers Series with number 618.
Length: 20 pages
Date of creation: 1998
Date of revision:
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Postal: Department of Economics, The University of Melbourne, 4th Floor, FBE Building, Level 4, 111 Barry Street. Victoria, 3010, Australia
Phone: +61 3 8344 5355
Fax: +61 3 8344 6899
Web page: http://www.economics.unimelb.edu.au
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LABOUR ; CONTRACTS ; HUMAN CAPITAL;
Find related papers by 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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