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Managerial Husbandry and the Dynamics of Ongoing Firms

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Abstract

This paper studies the supply and demand for on-the- job training when the success of training is stochastic, firms have to pay hiring costs when they hire skilled workers from the outside, and firms have strictly concave production functions. There are predictions about firm level dynamics and interactions between labor mobility and firm performance. The model generates intermittent labor market events such as lateral mobility, promotions, layoffs and variation in earnings across identically skilled workers. It also explains two labor market phenomena: up or out rules and fast track jobs.

Suggested Citation

  • Dominique Demougin & Aloysius Siow, 1992. "Managerial Husbandry and the Dynamics of Ongoing Firms," Cahiers de recherche CREFE / CREFE Working Papers 2, CREFE, Université du Québec à Montréal.
  • Handle: RePEc:cre:crefwp:2
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    Cited by:

    1. O'Flaherty, Brendan & Siow, Aloysius, 1995. "Up-or-Out Rules in the Market for Lawyers," Journal of Labor Economics, University of Chicago Press, vol. 13(4), pages 709-735, October.
    2. Demougin, Dominique & Siow, Aloysius, 1996. "Managerial husbandry and the dynamics of ongoing hierarchies," European Economic Review, Elsevier, vol. 40(7), pages 1483-1499, August.

    More about this item

    Keywords

    On-the-job training; Hiring cost; Firm growth; Inter and intra firm mobility; Up or out rules; Fast track jobs;

    JEL classification:

    • J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration

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