An Alternative to Signaling: Directed Search and Substitution
研究工人技能与厂商生产率可替代时，厂商定向搜索下的劳动力市场均衡，发现厂商进入成本低时无人获取技能，成本高时福利最大。
This paper analyzes a labor market, where: workers can acquire an observable skill at no cost, firms differ in unobserved productivity, workers' skill and firms' productivity are substitutes, and firms' search is directed. The main result is that, if the entry cost of firms is small, no worker acquires the skill in the unique equilibrium. For intermediate entry costs, a positive measure of workers obtain the skill, and the number of skilled workers goes to one as entry costs become large. Welfare is highest when the entry cost is high.