Pensions, Bonding, and Lifetime Jobs
研究养老金覆盖与员工流动的关系，发现养老金导致的资本损失是降低流动率的主因，同时自选择和薪酬水平也有重要影响，首次直接证明绑定对理解长期雇佣关系的重要性。
A well-known, if underappreciated, finding in the mobility literature is that turnover is much lower in jobs covered by pensions than in other jobs.This could result from capital losses for job changes created by most benefit formulas, the tendency of turnover-prone individuals to avoid jobs covered by pensions, or higher overall compensation levels in such jobs.A switching bivariate probit model of pension coverage and turnover is developed to estimate the effect of each of these factors.The results show that capital losses are the main factor responsible for lower turnover in jobs covered by pensions, but self-selection and compensation levels also play an important role.This is the first direct evidence that bonding is important for understanding long-term employment relationships.