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来源类型Working Paper
规范类型报告
DOI10.3386/w26806
来源IDWorking Paper 26806
Network-Based Hiring: Local Benefits; Global Costs
Arun G. Chandrasekhar; Melanie Morten; Alessandra Peter
发表日期2020-03-02
出版年2020
语种英语
摘要Entrepreneurs, particularly in the developing world, often hire from their networks: friends, family, and resulting referrals. Network hiring has two benefits, documented extensively in the empirical literature: entrepreneurs know more about the ability of their network (and indeed they are often positively selected), and network members may be less likely to engage in moral hazard. We study theoretically how network hiring affects the size and composition (i.e., whether to hire friends or strangers) of the firm. Our primary result is that network hiring, while locally beneficial, can be globally inefficient. Because of the existence of a network, entrepreneurs set inefficiently low wages, firms are weakly too small, rely too much on networks for hiring, and resulting welfare losses increase in the quality of the network. Further, if entrepreneurs are uncertain about the true quality of the external labor market, the economy may become stuck in an information poverty trap where forward-looking entrepreneurs or even entrepreneurs in a market with social learning never learn the correct distribution of stranger ability, exacerbating welfare losses. We show that the poverty trap can worsen when network referrals are of higher quality.
主题Microeconomics ; Economics of Information ; Labor Economics ; Labor Market Structures ; Industrial Organization ; Market Structure and Firm Performance ; Development and Growth ; Development
URLhttps://www.nber.org/papers/w26806
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/584478
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Arun G. Chandrasekhar,Melanie Morten,Alessandra Peter. Network-Based Hiring: Local Benefits; Global Costs. 2020.
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