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Full-Text Articles in Social and Behavioral Sciences
Building Social Trust: A Human Capital Approach, Fali Huang
Building Social Trust: A Human Capital Approach, Fali Huang
Research Collection School Of Economics
Much evidence suggests individuals di¤er in their predisposition to cooperate, which is essentially a component of human capital. This paper examines the role of individual cooperative tendencies and their interactions with institutions in generating social trust; it also endogenizes cooperative tendencies using a human capital investment model. Multiple equilibria and ine¢ ciencies exist due to positive externalities. An innovative …nding is that, when institutions are more e¤ective in punishing defecting behaviors, more people invest in cooperative tendencies and hence the endogenous social trust is higher, though the equilibrium cooperative tendencies are lower. This paper provides a plausible explanation for many …
Building Social Trust: A Human Capital Approach, Fali Huang
Building Social Trust: A Human Capital Approach, Fali Huang
Research Collection School Of Economics
Much evidence suggests individuals differ in their predisposition to cooperate, which is essentially a component of human capital. This paper examines the role of individual cooperative tendencies and their interactions with institutions in generating social trust; it also endogenizes cooperative tendencies using a human-capital investment model. Multiple equilibria and inefficiencies exist due to positive externalities. An innovative finding is that, when institutions are more effective in punishing defecting behaviors, more people invest in cooperative tendencies and hence the endogenous social trust is higher, though the equilibrium cooperative tendencies are lower. This paper provides a plausible explanation for many empirical and …
Wage Inequality, Intergenerational Mobility, And Education In Singapore, Kong Weng Ho
Wage Inequality, Intergenerational Mobility, And Education In Singapore, Kong Weng Ho
Research Collection School Of Economics
Accompanying Singapore’s phenomenal economic growth over the past four decades has been a rapid increase in educational attainment over the years. In 1960, the mean years of schooling for residents aged 25 and over was 3.14 years; in 2006, it was 9.3 years. This dramatic increase in the supply of skilled labour in all sectors of the economy helped to power Singapore’s high growth rates over the past few decades of economic development, which also saw declining wage inequality and high upward intergenerational mobility in education. However, we need to ask if these trends will continue in the future and …
Employee Screening: Theory And Evidence, Fali Huang, Peter Cappelli
Employee Screening: Theory And Evidence, Fali Huang, Peter Cappelli
Research Collection School Of Economics
Arguably the fundamental problem faced by employers is how to elicit effort from employees. Most models suggest that employers meet this challenge by monitoring employees carefully to prevent shirking. But there is another option that relies on heterogeneity across employees, and that is to screen job candidates to find workers with a stronger work ethic who require less monitoring. This should be especially useful in work systems where monitoring by supervisors is more difficult, such as teamwork systems. We analyze the relationship between screening and monitoring in the context of a principal-agent model and test the theoretical results using a …
Building Social Trust: A Human Capital Approach, Fali Huang
Building Social Trust: A Human Capital Approach, Fali Huang
Research Collection School Of Economics
Much evidence suggests individuals differ in their predisposition to cooperate, which is essentially a component of human capital. This paper examines the role of individual cooperative tendencies and their interactions with institutions in generating social trust; it also endogenizes cooperative tendencies using a human-capital investment model. Multiple equilibria and inefficiencies exist due to positive externalities. An innovative finding is that, when institutions are more effective in punishing defecting behaviors, more people invest in cooperative tendencies and hence the endogenous social trust is higher, though the equilibrium cooperative tendencies are lower. This paper provides a plausible explanation for many empirical and …
Inefficient Worker Turnover, Nicolas L. Jacquet
Inefficient Worker Turnover, Nicolas L. Jacquet
Research Collection School Of Economics
This paper considers the efficiency properties of risk-neutral workers’ mobility decisions in an equilibrium model with search frictions, but no search externalities, when the rent accruing to a match is split through bargaining. Matches are ex ante homogeneous and their true productivity is learnt after the match is formed. It is shown that the efficiency of worker turnover depends on contract enforceability, and that in the absence of complete enforceability the equilibrium fails to be efficient. This is because without complete enforceability firms cannot credibly offer workers contracts that will guarantee them the entire future of all potential future matches.
How Much Should Foreign Talent Be Paid?, Manoj Thulasidas
How Much Should Foreign Talent Be Paid?, Manoj Thulasidas
Research Collection School Of Computing and Information Systems
Singapore needs foreign talent — and there’s no need to feel bad about it. It is a statistical fact of life. For every top Singaporean in any field — be it science, medicine, finance, sports or whatever — we will find about 500 professionals of equal calibre in China and India. Not because we are 500 times less talented, just that they have 500 times more people.
Distance To Frontier And The Big Swings Of The Unemployment Rate: What Room Is Left For Monetary Policy?, Hian Teck Hoon, Kong Weng Ho
Distance To Frontier And The Big Swings Of The Unemployment Rate: What Room Is Left For Monetary Policy?, Hian Teck Hoon, Kong Weng Ho
Research Collection School Of Economics
This paper builds upon Hoon and Phelps (1992, 1997) to ask how much of the evolution of the unemployment rate over several decades in country can be explained by real factors in an equilibrium model of the natural rate where country's productivity growth depends upon its distance from the world's technological leader. One motivating contemporary example includes the evolution of unemployment rates in Europe as it recovered from the second world war and caught up technologically to the US. Another example that may be less familiar to many people is Singapore (the second fastest growing economy from 1960 to 2000 …