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Wage Contracts And Specific Human Capital Investment Under Uncertainty

Author

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  • Chong-en Bai

    (Department Of Economics, Boston College)

  • Yi-jiang Wang

    (University of Minnesota)

Abstract

An equilibrium model of labor contracts under asymmetric information is developed. It is shown that productivity uncertainty has adverse effects on firm's wage offer to a worker, workers investment in firm specific human capital employment stability, and average productivity. Observation of and comparison between the United States and Japanese firms are made to explore the implication of the finding.

Suggested Citation

  • Chong-en Bai & Yi-jiang Wang, 1993. "Wage Contracts And Specific Human Capital Investment Under Uncertainty," Boston College Working Papers in Economics 237, Boston College Department of Economics.
  • Handle: RePEc:boc:bocoec:237
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