haku: @author Moen, E. R. / yhteensä: 3
viite: 2 / 3
| Tekijä: | Moen, E. R. |
| Otsikko: | Efficient ways to finance human capital investments |
| Lehti: | Economica
1998 : NOV, VOL. 65:260, p. 491-505 |
| Asiasana: | Human capital Investment Bargaining Loans Econometric models |
| Kieli: | eng |
| Tiivistelmä: | Standard theory predicts that if wages are determined by bargaining workers underinvest in human capital, as they bear all the investment cost yet receive only a share less than one of the return. It is shown that this result is depending on the way which the investments are financed. Contingent loans, which do not accumulate interest if the borrower is unemployed, are introduced. When the investments are financed by such loans, the interest payments are regarded as a part of the surplus the agents bargain over. As result, a worker pays the same share of the interest as he receives of the return. |
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