The Impact of Human Capital Investments on Pension Benefits
构建了一个包含递延薪酬和遣散费的模型，预测工人承担人力资本投资的全部成本并获得全部回报，且专用性投资回报高于通用性投资。利用美国老年男性纵向调查数据证实，公司培训（专用性投资）显著提高养老金获得概率和水平，而企业外通用培训影响较小。
This article develops a model, with deferred compensation and severance pay, that predicts that workers bear all the costs and receive all the returns of human capital investments and that specific investments yield higher returns than general investments. This model also predicts that pensions, which efficiently defer compensation, will be positively related to specific investments. Evidence from the National Longitudinal Survey of Older Men confirms these predictions; participation in company-sponsored training programs, proxying for specific investments, increases the probability of pension receipt and the level of benefits. More general training outside the firm has much smaller effects on pensions. Copyright 1996 by University of Chicago Press.