Human Investment Decisions, Labor Market Choice, and Unemployment,
RAND CORP SANTA MONICA CALIF
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The purpose of this paper is to extend human investment analysis to a world in which unemployment arises stochastically. The research has been motivated by an interest in such diverse phenomena as migration, occupational choice, job search, and investment in market skills in relation to unemployment. Existing analyses have failed to construct a unified framework to deal with the likelihood of unemployment and re-unemployment, on-the-job search, interoccupational career mobility, and the returns to skill which accrue in the form of a higher change of being employed at a high wage job. The aim in this paper is to contribute to the development of such a framework.
- Humanities and History