Journal article
Life-cycle Labour Supply with Human Capital: Econometric and Behavioural Implications
- 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...
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- Publication status:
- Published
- Peer review status:
- Peer reviewed
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- Files:
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(Accepted manuscript, pdf, 669.7KB)
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- Publisher copy:
- 10.1111/ecoj.12363
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Authors
Funding
Alfred P. Sloan Foundation
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ARC Centre of Excellence in Population Aging Research
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Bibliographic Details
- 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:
- Source identifiers:
-
522645
Item Description
- Keywords:
- Pubs id:
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pubs:522645
- UUID:
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uuid:427b126d-b2c9-4059-a647-52d2463b4848
- Local pid:
- pubs:522645
- Deposit date:
- 2016-11-10
Terms of use
- 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].
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