Hwang, Sun Joo - In: KDI Journal of Economic Policy 38 (2016) 2, pp. 87-101
integrated model of education and career concerns, I analyze the welfare effects of education. In Spence's job market signaling … model, education as a sorting device improves efficiency by mitigating the lemon market problem. In contrast, in the … integrated model, education as a sorting device can be detrimental to social welfare, as it eliminates work incentives generated …