A Theory of Factor Mobility
研究行业间要素流动性的决定因素，聚焦工人的培训决策，发现通用技能培训具有期权价值，且收入保险不一定降低工人流动性。
In this paper we study the determinants of intersectoral factor mobility. Mobility is the outgrowth of a prior investment decision. In particular, we focus on the human capital (i.e., training) decisions of workers. Uncertainty isa critical feature in such training decisions. The acquisition of general (vs. specific) skills allows a worker to select the more favorable sector after uncertainty is resolved. Thus general training has option value, which is enhanced by increases in risk. General training is a form of self-insurance. We study the impact of conventional insurance opportunities on training decisions. We find that the availabilty of income insurance does not necessarily imply less mobile workers.