Superstars and Mediocrities: Market Failure in the Discovery of Talent
Superstars and Mediocrities: Market Failure in the Discovery of Talent
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超级明星与平庸者：人才发现中的市场失灵
DOI：
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发表时间：
2006
期刊：
影响因子：
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通讯作者：
Marko Terviö
中科院分区：
文献类型：
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作者：
Marko Terviö
大多数劳动力市场面临的一个基本问题是，工人既不能承诺签订长期工资合同，也不能自行承担生产成本。我研究这些不完美的影响时，人才是行业的具体…c，它只能在工作中显示，一旦学习成为公共信息。我证明了……企业以牺牲试用新人才为代价，对在职员工进行了过度的竞标。然后，劳动力就被不利的个人选择所困扰：有太多平庸的工人，他们的天赋不足以证明他们排挤了那些预期天赋较低但有更大上升潜力的新手。其结果是，产出水平极低，而知名的高级人才的工资却更高。在人才信息最初非常不准确、生产的补充成本很高的地方，这个问题最为严重。我认为，娱乐、管理和创业等职业的高收入可能是由人才展示过程的性质来解释的，而不是由潜在的人才稀缺来解释的。(JEL D30、J31、J6、M5）
A basic problem facing most labor markets is that workers can neither commit to long-term wage contracts nor can they self …nance the costs of production. I study the eects of these imperfections when talent is industry-speci…c, it can only be revealed on the job, and once learned becomes public information. I show that …rms bid exces- sively for the pool of incumbent workers at the expense of trying out new talent. The workforce is then plagued with an unfavorable selection of individuals: there are too many mediocre workers, whose talent is not high enough to justify them crowding out novice workers with lower expected talent but with more upside potential. The result is an ine¢ ciently low level of output coupled with higher wages for known high talents. This problem is most severe where information about talent is initially very imprecise and the complementary costs of production are high. I argue that high incomes in pro- fessions such as entertainment, management, and entrepreneurship, may be explained by the nature of the talent revelation process, rather than by an underlying scarcity of talent. (JEL D30, J31, J6, M5)