Specific Capital, Mobility, and Wages: Wages Rise with Job Seniority
利用纵向数据估计工作资历对工资的影响，发现十年资历使美国典型男性工人工资提高超过25%，表明专用资本积累对雇佣关系和生命周期收入至关重要。
This paper uses longitudinal data to estimate a lower bound on the average return to job seniority among adjustment. The author finds that ten years of current job seniority raise the wage of the typical male worker in the United States by over 25 percent. This is an estimate of what the typical worker would lose if his job were to end exogenously. Overall, the evidence implies that accumulation of specific capital is an important ingredient of the typical employment relationship and of life-cycle earnings and productivity as well. Continuation of these relationships has substantial specific value for workers. Copyright 1991 by University of Chicago Press.