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dc.contributor.authorCisternas Leyton, Gonzalo Sebastian
dc.date.accessioned2019-02-28T17:15:26Z
dc.date.available2019-02-28T17:15:26Z
dc.date.issued2018-05
dc.identifier.issn1945-7669
dc.identifier.issn1945-7685
dc.identifier.urihttp://hdl.handle.net/1721.1/120575
dc.description.abstractI examine how career concerns are shaped by the nature of productive actions taken by workers. A worker's skills follow a Gaussian process with an endogenous component reflecting human-capital accumulation. Effort and skills are substitutes both in the output process (as in Holmstrom 1999) and in the skills technology. The focus is on deterministic equilibria by virtue of Gaussian learning. When effort and skills are direct inputs to production and skills are exogenous, effort can be inefficiently high in the beginning of a career. In contrast, when skills are the only input to production but accumulate through past effort choices, the worker always underinvests in skill acquisition. At the center of the discrepancy are two types of ex post errors that arise at interpreting output due to an identification problem faced by the market. Finally, the robustness of the underinvestment result is explored via variations in the skill-accumulation technology and in the information structure, and policy implications are discussed.en_US
dc.publisherAmerican Economic Associationen_US
dc.relation.isversionofhttp://dx.doi.org/10.1257/MIC.20160277en_US
dc.rightsArticle is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use.en_US
dc.sourceAmerican Economic Associationen_US
dc.titleCareer Concerns and the Nature of Skillsen_US
dc.typeArticleen_US
dc.identifier.citationCisternas, Gonzalo. “Career Concerns and the Nature of Skills.” American Economic Journal: Microeconomics 10, 2 (May 2018): 152–189 © 2018 American Economic Associationen_US
dc.contributor.departmentSloan School of Managementen_US
dc.contributor.mitauthorCisternas Leyton, Gonzalo Sebastian
dc.relation.journalAmerican Economic Journal: Microeconomicsen_US
dc.eprint.versionFinal published versionen_US
dc.type.urihttp://purl.org/eprint/type/JournalArticleen_US
eprint.statushttp://purl.org/eprint/status/PeerRevieweden_US
dc.date.updated2019-02-05T19:09:17Z
dspace.orderedauthorsCisternas, Gonzaloen_US
dspace.embargo.termsNen_US
dc.identifier.orcidhttps://orcid.org/0000-0003-0641-4960
mit.licensePUBLISHER_POLICYen_US


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