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An Optimal Dynamic Program of Talent Attraction and Development
Abstract
This chapter develops a dynamic model which studies the firm's optimal strategy of talent attraction and development. It shows that the firm should start out with a high talent acquisition rate and low training rate. As more and more high talented workers are hired, the firm becomes more competitive, its profit increases and it begins investing in research and worker training to improve more its productivity. By doing, the firm contributes to the pool of public knowledge. These inter temporal spillovers allow the firm's efficiency to grow in the steady state. This is reached when talent acquisition peters out and the firm settles into a stable situation where its average efficiency grows at a constant rate due to the training activity only. The comparative dynamics and numerical simulations sections show that attracting the most efficient talents, reducing the talent acquisition cost and encouraging researchers and trainers through increasing their wage, improve the firm's average efficiency growth in both short run and long run.
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