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Efficiency in a Search and Matching Model with Training Costs

Hiroaki Miyamoto

No EMS_2011_09, Working Papers from Research Institute, International University of Japan

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)
JEL-codes: E24 J40 J64 (search for similar items in EconPapers)
Pages: 14 pages
Date: 2011-03
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https://www.iuj.ac.jp/workingpapers/index.cfm?File=EMS_2011_09.pdf First version, 2011 (application/pdf)

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