Uncertainty in Labor Productivity and Specific Human Capital Investment
研究劳动生产率不确定性如何影响专用人力资本投资、工资和劳动力流动，发现影响取决于不确定性初始水平，且工资与专用人力资本正相关，但投资与劳动力流动非单调关系。
Uncertainty in labor productivity (ULP) is affected by many factors, such as worker-employer matching, technology, and macroeconomic conditions. Not surprisingly, ULP varies across forms, industries, and economies. how do variations in ULP affect specific human capital (SHC) investment, wage, and labor turnover? A fixed-wage model is used to show that the answer depends critically on the initial level of ULP. The model is also used to show that wage and SHC are always positively correlated, but SHC investment and labor turnover do not have a monotonic relationship. The results have implications for empirical studies and public policies affecting ULP.