Self-Promoting Investments
نویسندگان
چکیده
What is the impact on human capital investment when a worker’s ability and investments are observed by the labour market only when the worker invests in self-promoting activities? When ...rms pay spot market wages, high ability workers overinvest in selfpromotion. There is no employment contract that attains full e¢ciency. Constrained e¢ciency is attained when employment bonds are feasible. The contract that both attains constrained e¢ciency and minimizes the bond posted o¤ers (i) severance payments, (ii) strategically matching outside o¤ers and (iii) a minimum wage. Journal of Economic Literature Classi...cation Numbers: D8,J2 ¤We thank Preston McAfee, seminar participants at Queen’s University, University of Toronto, Pennsylvania State University, Wilfrid Laurier University and the Canadian Economic Theory Conference for useful suggestions. Pitchik thanks SSHRC for ...nancial support. Siow thanks SSHRC and the Mellon Foundation for ...nancial support.
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