- Abstract:
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I examine the econometric and behavioral implications of including human capital in the life-cycle labor supply model. With human capital, the wage no longer equals the opportunity cost of time – which is, instead, the wage plus returns to work experience. This has a number of important implications, of which I highlight four: First, labor supply elasticities become functions of both preference and wage process parameters. Thus, one cannot estimate elasticities without also specifying and...
Expand abstract - Publication status:
- Published
- Peer review status:
- Peer reviewed
- Version:
- Accepted manuscript
- Files:
-
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(pdf, 669.7KB)
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- Publisher copy:
- 10.1111/ecoj.12363
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- Publisher:
- Wiley Publisher's website
- Journal:
- Economic Journal Journal website
- Volume:
- 126
- Issue:
- 592
- Pages:
- 546-577
- Publication date:
- 2016-05-23
- Acceptance date:
- 2016-01-01
- DOI:
- Pubs id:
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pubs:522645
- URN:
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uri:427b126d-b2c9-4059-a647-52d2463b4848
- UUID:
-
uuid:427b126d-b2c9-4059-a647-52d2463b4848
- Local pid:
- pubs:522645
- Paper number:
- 592
- Copyright holder:
- Wiley
- Copyright date:
- 2016
- Notes:
- © 2016 John Wiley and Sons Ltd. This is the first of two papers that formed the basis of Keane's Sargan Lecture to the Royal Economic Society on 30 March 2015. The second, "Labour Supply: The Roles of Human Capital and The Extensive Margin" is available at [https://ora.ox.ac.uk/objects/uuid:fcb9b6f5-edb0-4847-a0e4-9d0addb88788]/[10.1111/ecoj.123632].
Journal article
Life-cycle Labour Supply with Human Capital: Econometric and Behavioural Implications
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Alfred P. Sloan Foundation
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ARC Centre of Excellence in Population Aging Research
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