Training And Contracts: Some Dynamic Aspects Of Human Capital Formation
A contracts-based model of the provision of training and employment with overlapping generations of workers is developed. Attention is focused on the role of the imperfect capital markets in the determination of contracts and on intertemporal variations in the levels of training and employment, these may exhibit cyclical or chaotic behaviour.
|Date of creation:||1989|
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Web page: http://www2.warwick.ac.uk/fac/soc/economics/
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- Baumol, William J & Benhabib, Jess, 1989.
"Chaos: Significance, Mechanism, and Economic Applications,"
Journal of Economic Perspectives,
American Economic Association, vol. 3(1), pages 77-105, Winter.
- Baumol, William J. & Benhabib, Jess, 1987. "Chaos: Significance, Mechanism, and Economic Applications," Working Papers 87-16, C.V. Starr Center for Applied Economics, New York University.
- Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
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