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Life-cycle Labour Supply with Human Capital: Econometric and Behavioural Implications

Abstract:

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
Version:
Accepted manuscript

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Publisher copy:
10.1111/ecoj.12363

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Department:
Oxford, SSD, Economics
Role:
Author
Alfred P. Sloan Foundation More from this funder
ARC Centre of Excellence in Population Aging Research More from this funder
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:
pubs:522645
URN:
uri:427b126d-b2c9-4059-a647-52d2463b4848
UUID:
uuid:427b126d-b2c9-4059-a647-52d2463b4848
Local pid:
pubs:522645
Paper number:
592

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