Displacement, Asymmetric Information, and Heterogeneous Human Capital
研究失业原因（工厂关闭还是裁员）对工资损失的影响，发现Gibbons和Katz的信息不对称模型仅适用于白人男性，通过加入异质性人力资本扩展模型后能解释数据。
Gibbons and Katz's asymmetric information model of the labormarket predicts that wage losses following displacement should belarger for layoffs than for plant closings. This was borne out intheir empirical work. In this article, we examine how the differencein wage losses across plant closing and layoff varies with race andgender. We find that the basic prediction by Gibbons and Katz holdsonly for white males. We augment their asymmetric information modelwith heterogeneous human capital and show that this augmented modelcan match the data. (c) 2011 by The University of Chicago. Allrights reserved.