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Money, fame and the allocation of talent: brain drain and the institution of science
[journal article]
Abstract The earning structure in science is flatter than in the private sector, which could cause a brain drain toward the latter. This paper studies the allocation of talent between both sectors when agents value money and fame. Assuming that the intrinsic performance is a less noisy signal of talent in sc... view more
The earning structure in science is flatter than in the private sector, which could cause a brain drain toward the latter. This paper studies the allocation of talent between both sectors when agents value money and fame. Assuming that the intrinsic performance is a less noisy signal of talent in science than in the private sector, we show that a good institution of science mitigates the brain drain and that introducing extra monetary incentives through the market might induce excessive diversion from pure to applied research. We finally show the optimality of a relatively flat earning structure in science.... view less
Keywords
brain drain
Classification
Special areas of Departmental Policy
Sociology of Science, Sociology of Technology, Research on Science and Technology
Free Keywords
Fame; Science; Incentives; Asymmetric information
Document language
English
Publication Year
2008
Page/Pages
p. 558-581
Journal
Journal of Economic Behavior & Organization, 66 (2008) 3-4
DOI
https://doi.org/10.1016/j.jebo.2006.06.012
Status
Postprint; peer reviewed
Licence
PEER Licence Agreement (applicable only to documents from PEER project)