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New implications of Lazear's skill-weights approach

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  • Morita, Hodaka
  • Noone, Clare

Abstract

A new approach to the theory of specific human capital, proposed by Lazear (2009), assumes that all skills are general but that firms use them with different weights attached. In Lazear's analysis, the decision to invest in the worker's acquisition of various skills is assumed to maximize the expected net joint surplus of the worker and the employer. This paper explores new implications of the skill-weights approach when the worker and the firm independently and non-cooperatively invest in the worker's skills.

Suggested Citation

  • Morita, Hodaka & Noone, Clare, 2014. "New implications of Lazear's skill-weights approach," Economic Modelling, Elsevier, vol. 43(C), pages 476-479.
    • Handle: RePEc:eee:ecmode:v:43:y:2014:i:c:p:476-479
    DOI: 10.1016/j.econmod.2014.09.010
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    References listed on IDEAS

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    1. Gary S. Becker, 1962. "Investment in Human Capital: A Theoretical Analysis," NBER Chapters, in: Investment in Human Beings, pages 9-49, National Bureau of Economic Research, Inc.
    2. Edward P. Lazear, 2009. "Firm-Specific Human Capital: A Skill-Weights Approach," Journal of Political Economy, University of Chicago Press, vol. 117(5), pages 914-940, October.
    3. James M. Malcomson, 1997. "Contracts, Hold-Up, and Labor Markets," Journal of Economic Literature, American Economic Association, vol. 35(4), pages 1916-1957, December.
    4. James M. Malcomson, 1997. "Contracts, Hold-Up, and Labor Markets," Journal of Economic Literature, American Economic Association, vol. 35(4), pages 1916-1957, December.
    5. Gibbons, Robert & Waldman, Michael, 1999. "Careers in organizations: Theory and evidence," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 36, pages 2373-2437, Elsevier.
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