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Efficiency in a search and matching model with training costs

Hiroaki Miyamoto

Economic Modelling, 2011, vol. 28, issue 4, 1838-1841

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.

Keywords: Search; and; matching; model; Efficiency; Training (search for similar items in EconPapers)
Date: 2011
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