Education is generally believed to be beneficial in fostering, independent of gender, higher labor productivity. Female education may, however, cause other socio-economic gains which are not captured by higher wage or better compensation package for the educated female worker in the labor market...

Korean Abstract: 본 연구는 국내 유치원 시장을 대상으로 유치원의 설립 유형이 유치원 교육의 수익률에 미치는 영향을 추정하였다. 한국아동패널조사에서 제공하는 인지 및 비인지능력 점수에 기반하여 도시 규모 및 유치원...

By developing a job search model with college degree as a noisy signal, this paper analyzes the underlying mechanism of a 'degree-inflation,' measured by the proportion of a highly educated workforce performing unskilled tasks (i.e., cross-skill matches). Skilled workers can perform either...

This paper incorporates search friction and human capital accumulation into an international trade framework to analyze the endogenous formation of comparative advantage induced by long-term employment relationship. The calibrated model demonstrates that the long-term employment relationship, by...

This paper develops an equilibrium job search model in which the employed worker privately accumulates human capital and continually searches for a better paying job. Firms encourage production and discourage turnover by rewarding with bonus payments and long service allowances, respectively,...

Standard consumption-investment theory predicts counter-cyclical (pro-cyclical) behavior of household (corporate) credit whereby households' consumption smoothing and firms' investment motives are aligned. Counter to the theoretical symbiosis consistent with U.S. data, we demonstrate not only in...

This paper analyzes the welfare implications of abatement technology licensing under taxation and emission trading schemes. We demonstrate that a firm with a better abatement technology optimally sells a per-unit royalty license to a competitor under both schemes but offers a higher royalty rate...

This paper studies a monopolistic producer's resale price maintenance scheme when downstream retailers simultaneously put (informative) advertisement efforts and sell final products. It posits that each retailer's advertisement effort increases not only its own sales, but also the entire market...