Efficiency in a search and matching model with training costs |
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Authors: | Hiroaki Miyamoto |
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Affiliation: | International University of Japan 777 Kokusai-cho, Minami Uonuma-shi, Niigata 949-7277, Japan |
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Abstract: | This paper studies the efficiency of the search and matching model with training costs. I incorporate productivity enhancing firm-specific skill training into the search and matching model of Pissarides (2000). I demonstrate that while the decentralized economy can be efficient if training costs are not sunk at the time of wage determination, the decentralized economy is not efficient due to a hold-up problem if training costs are sunk. |
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Keywords: | E24 J40 J64 |
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