Human Capital Life Cycle Of Earnings Models
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Author | : Lee A. Lillard |
Publisher | : |
Total Pages | : 0 |
Release | : 1973 |
Genre | : Human capital |
ISBN | : |
The purpose of this paper is to consider human capital models of earning behavior over an individual lifetime. A general class of life cycle models relating to individual earnings behavior is developed by considering alternative formulation of the basic Ben- Porath type model. An explicit solution to a specific formulation within this general class is considered in some detail. An empirical development of this explicit earnings function is estimated using data on a cohort of individuals surveyed at some point in their lifetime. The empirical estimates are discussed in detail. The estimated earnings function is then used to predict and individual's discounted present value of lifetime earnings.
Author | : Lee Anderson Lillard"III. |
Publisher | : |
Total Pages | : 110 |
Release | : 1973 |
Genre | : |
ISBN | : |
Author | : Lee Anderson Lillard |
Publisher | : |
Total Pages | : 220 |
Release | : 1973 |
Genre | : |
ISBN | : |
Author | : Mark R. Killingsworth |
Publisher | : |
Total Pages | : 58 |
Release | : 1976 |
Genre | : Employees |
ISBN | : |
Author | : Jacob Mincer |
Publisher | : |
Total Pages | : 41 |
Release | : 1993 |
Genre | : Human capital |
ISBN | : |
Author | : S. W. Polachek |
Publisher | : Now Publishers Inc |
Total Pages | : 123 |
Release | : 2008 |
Genre | : Human capital |
ISBN | : 1601981228 |
Earnings over the Lifecycle: The Mincer Earnings Function and Its Applications focuses on the underlying economics behind the Mincer earnings function and its robustness and relevance to policy applications.
Author | : Patricio Arrau |
Publisher | : |
Total Pages | : 52 |
Release | : 1989 |
Genre | : Capital investments |
ISBN | : |
Life- cycle models of growth can yield a negative relation between population growth and income per capita growth, where the direction of causality goes from the exogenous rate of population growth to the endogenous rate of income growth. Tax policy can affect the proportion of human and physical capital in household portfolios. Tax policy that favors human capital over physical capital produces higher growth in per capita income.
Author | : Mark R. Killingsworth |
Publisher | : |
Total Pages | : 92 |
Release | : 1975 |
Genre | : Human capital |
ISBN | : |
Author | : Thierry Magnac |
Publisher | : |
Total Pages | : 77 |
Release | : 2013 |
Genre | : |
ISBN | : |
We propose an original model of human capital investments after leaving school in which individuals differ in their initial human capital obtained at school, their rate of return, their costs of human capital investments and their terminal values of human capital at a fixed date in the future. We derive a tractable reduced form Mincerian model of log earnings profiles along the life cycle which is written as a linear factor model in which levels, growth and curvature of earnings profiles are individual-specific. Using panel data from a single cohort of French male wage earners observed over a long span of 30 years, a random effect model is estimated first by pseudo maximum likelihood methods. This step is followed by a simple second step fixed effect method by which individual-specific structural parameters are estimated. This allows us to test restrictions, compute counterfactual profiles and evaluate how earnings inequality over the life-cycle is affected by changes in structural parameters. Under some conditions, even small changes in life expectancy seem to imply large changes in earnings inequality.
Author | : Xiaodong Fan |
Publisher | : |
Total Pages | : |
Release | : 2022 |
Genre | : Human capital |
ISBN | : |
We develop and estimate a life-cycle model in which individuals make decisions about consumption, human capital investment, and labor supply and use it to analyze changes in Social Security rules. The most important aspect of our paper is human capital towards the end of the life cycle which responds to changes in the rules. Retirement arises endogenously as part of the labor supply decision. The model allows for both an endogenous wage process through human capital investment (which is typically assumed exogenous in the retirement literature), an endogenous retirement decision (which is typically assumed exogenous in the human capital literature), and accounts for the Social Security system. We estimate the model using indirect inference to match the life-cycle profiles of employment and measured wages from the SIPP data. The model replicates the main features of the data--in particular the large increase in measured wages and small increase in labor supply at the beginning of the life cycle as well as the small decrease in measured wages but large decrease in labor supply at the end of the life cycle. We use the model to estimate the effects of various changes to tax and Social Security policies and show that allowing for human capital accumulation is critical.