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Self-Awareness, Spencian Education and Performance Wages

Author

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  • Hvide, H.K.

Abstract

If worker performance is observable and contractible without cost, then why do we observe "Spencian", unproductive, education? We provide the following explanation. Say that the economy consists of several different sectors, and that agents are uncertain which of these sectors they are best fit for. Furthermore we assume that education improves an agent's estimate of his abilities. In that case education may be of social gain since it may improve the allocational efficiency of the economy.

Suggested Citation

  • Hvide, H.K., 1997. "Self-Awareness, Spencian Education and Performance Wages," Papers 10/97, Norwegian School of Economics and Business Administration-.
  • Handle: RePEc:fth:norgee:10/97
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    Keywords

    EDUCATION ; LABOUR ; WAGES;

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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