The Timing of Education
通过一个匹配与投资模型，比较了劳动力市场匹配前（事前）和匹配后（事后）进行人力资本投资的两种制度，发现事后制度更利于企业内部协调投资，而事前制度更能减少错配，且企业内部剩余转移能力影响两种制度的相对表现。
We study an assignment-with-investment model to highlight a tradeoff between investment in human capital before (ex ante system) and after (ex post system) matching on the labor market. The ex post system is better at coordinating investment within firms whereas the ex ante system is better at reducing mismatches. We further show that the ability to transfer surplus within firms affects mismatches and the relative performance of the two systems. At high degrees of transferability, they are equivalent. But when transferability is very low, the ex post system outperforms the ex ante system, although with moderate transferability the reverse is true.