Journal of Political Economy Vol. 87 No. 6 1979
Firm-specific Capital and Turnover
Abstract
This is a model of permanent job separations when there are endogenous firm-specific human capital and intensity of on-the-job search. The result is a combination of human-capital theory with the theory of search turnover and search unemployment. An interesting technical twist is that the worker's decision problem under uncertainty is solved by means of the deterministic maximum principle.
- DOI
- 10.1086/260834
- Volume
- 87
- Issue
- 6
- Pages
- 1246-1260
- Language
- en
- Sources
- crossref openalex