BEGIN:VCALENDAR PRODID:-//Microsoft Corporation//Outlook 16.0 MIMEDIR//EN VERSION:2.0 METHOD:PUBLISH X-MS-OLK-FORCEINSPECTOROPEN:TRUE BEGIN:VTIMEZONE TZID:W. Europe Standard Time BEGIN:STANDARD DTSTART:16011028T030000 RRULE:FREQ=YEARLY;BYDAY=-1SU;BYMONTH=10 TZOFFSETFROM:+0200 TZOFFSETTO:+0100 END:STANDARD BEGIN:DAYLIGHT DTSTART:16010325T020000 RRULE:FREQ=YEARLY;BYDAY=-1SU;BYMONTH=3 TZOFFSETFROM:+0100 TZOFFSETTO:+0200 END:DAYLIGHT END:VTIMEZONE BEGIN:VEVENT CLASS:PUBLIC CREATED:20200224T102738Z DESCRIPTION:We examine the extent to which firms in a ‘superstar’ labor market hire experienced\, but low ability (‘mediocre’) workers instea d of novice workers with higher upside potential. We exploit high-frequenc y information on worker performance to estimate the revealed ability of ex perienced workers at the time they are hired by a new firm. For around for ty percent of these hires\, the revealed ability of the hired experienced worker lies below the hiring threshold that maximizes the average ability of the active workforce. Replacing all mediocre hires by novice workers wo uld increase the average ability of the workforce by 0.1 standard deviatio ns.\n DTEND;TZID="W. Europe Standard Time":20200428T131500 DTSTAMP:20200224T102738Z DTSTART;TZID="W. Europe Standard Time":20200428T121500 LAST-MODIFIED:20200224T102738Z LOCATION:Plattenstrasse 14\, 8032 Zürich\, Room: PLM 1-103 PRIORITY:5 SEQUENCE:0 SUMMARY;LANGUAGE=de-ch:The Survival of Mediocre Superstars in the Labor Mar ket TRANSP:OPAQUE UID:040000008200E00074C5B7101A82E0080000000080C6006905EBD501000000000000000 010000000990FB1052F7592499D751C185B364581 X-ALT-DESC;FMTTYPE=text/html:

We examine the ex tent to which firms in a ‘\;superstar’\; labor market hire exper ienced\, but low ability (‘\;mediocre’\;) workers instead of nov ice workers with higher upside potential. We exploit high-frequency inform ation on worker performance to estimate the revealed ability of experience d workers at the time they are hired by a new firm. For around forty perce nt of these hires\, the revealed ability of the hired experienced worker l ies below the hiring threshold that maximizes the average ability of the a ctive workforce. Replacing all mediocre hires by novice workers would incr ease the average ability of the workforce by 0.1 standard deviations.

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