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Money, fame and the allocation of talent: Brain drain and the institution of science

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dc.contributor.author Jeon, Doh-Shin
dc.contributor.author Menicucci, Domenico
dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
dc.date.accessioned 2017-07-26T10:50:39Z
dc.date.available 2017-07-26T10:50:39Z
dc.date.issued 2005-02-01
dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=805
dc.identifier.uri http://hdl.handle.net/10230/717
dc.description.abstract The earning structure in science is known to be flat relative to the one in the private sector, which could cause a brain drain toward the private sector. In this paper, we assume that agents value both money and fame and study the role of the institution of science in the allocation of talent between the science sector and the private sector. Following works on the Sociology of Science, we model the institution of science as a mechanism distributing fame (i.e. peer recognition). We show that since the intrinsic performance is less noisy signal of talent in the science sector than in the private sector, a good institution of science can mitigate the brain drain. We also find that providing extra monetary incentives through the market might undermine the incentives provided by the institution and thereby worsen the brain drain. Finally, we study the optimal balance between monetary and non-monetary incentives in science.
dc.language.iso eng
dc.relation.ispartofseries Economics and Business Working Papers Series; 805
dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.title Money, fame and the allocation of talent: Brain drain and the institution of science
dc.type info:eu-repo/semantics/workingPaper
dc.date.modified 2017-07-23T02:08:59Z
dc.subject.keyword fame
dc.subject.keyword science
dc.subject.keyword brain drain
dc.subject.keyword incentives
dc.subject.keyword asymmetric information
dc.subject.keyword Microeconomics
dc.rights.accessRights info:eu-repo/semantics/openAccess


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