Specific Investments and Nonlabor Income
In an economy with firm-specific human capital, it is shown that (i) a distribution of nonlabor income will generally induce a distribution of net returns to specific investments; (ii) at the individual level nonlabor income and net returns will be positively related over some range and unrelated otherwise; and (iii) the distribution of net returns is more concentrated than that of nonlabor income.
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Volume (Year): 13 (1982)
Issue (Month): 1 (Spring)
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