haku: @author Chatterji, M. / yhteensä: 9
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| Tekijä: | Booth, A. Chatterji, M. |
| Otsikko: | Redundancy payments and firm-specific training. |
| Lehti: | Economica
1989 : NOV, VOL. 56:224, p. 505-521 |
| Asiasana: | REDUNDANCY PAY TRAINING |
| Kieli: | eng |
| Tiivistelmä: | An economic rationale is aimed to be provided as to why workers and firms agree to redundancy payment. Not only uncertainty regarding product demand is allowed for but also workers' outside wage is regarded as being uncertain. The central result is that an optimal contract will involve the firm in bearing only a part of the training costs because workers may quit. Workers bear part of the cost of training. Redundancy payment is specified if they are fired. Furthermore, the optimum level of this redundancy payment will vary across firms, with large payments being offered by firms where the returns to training are highly variable. These insights into the nature of redundancy payments are intuitive. |
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