Efficiency in a Search and Matching Model with Training Costs
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This paper studies the effciency of the search and matching model with trainingcosts. I incorporate productivity enhancing firm-specific skill training into the searchand matching model of Pissarides (2000). I demonstrate that while the decentralizedeconomy can be efficient if training costs are not sunk at the time of wage determination, the decentralized economy is not efficient due to a hold-up problem if training costs are sunk.
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