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| Author: | Bernhardt, D. Mongrain, S. |
| Title: | The layoff rat race |
| Journal: | Scandinavian Journal of Economics
2010 : VOL. 112:1, p. 185-210 |
| Index terms: | human capital workers skills bargaining unemployment lay-offs models |
| Language: | eng |
| Abstract: | This paper examines how the possibility of layoffs affects discretionary investments in general and specific human capital (here as: hum-cap). It is shown that as long as workers' bargaining positions are not too weak, workers invest in specific hum-cap. to reduce layoff probabilities. More generally, it is characterized how equilibrium skill investments are affected by the distribution of worker abilities within firms, the probability that a firm will downsize, and the distribution of employment opportunities in the economy. |
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