Life-Cycle Labor Supply with Human Capital Accumulation

1989 ◽  
Vol 30 (2) ◽  
pp. 431 ◽  
Author(s):  
Kathryn L. Shaw
Keyword(s):  
Human Capital ◽  
Life Cycle ◽  
Labor Supply ◽  
Capital Accumulation ◽  
Human Capital Accumulation

Micro and Macro Labor Supply Elasticities: A Reassessment of Conventional Wisdom

2012 ◽  
Vol 50 (2) ◽  
pp. 464-476 ◽  
Author(s):  
Michael Keane ◽  
Richard Rogerson
Keyword(s):  
Human Capital ◽  
Life Cycle ◽  
Optimal Design ◽  
Labor Supply ◽  
Capital Accumulation ◽  
Conventional Wisdom ◽  
Human Capital Accumulation ◽  
Micro Data ◽  
Large Aggregate ◽  
Economic Issues

The response of aggregate labor supply to various changes in the economic environment is central to many economic issues, especially the optimal design of tax policies. Conventional wisdom based on studies in the 1980s and 1990s has long held that the analysis of micro data leads one to conclude that aggregate labor supply elasticities are quite small. In this paper we argue that this conventional wisdom does not hold up to empirically reasonable and relevant extensions of simple life cycle models that served as the basis for these conclusions. In particular, we show that several pieces of conventional wisdom fail in the presence of human capital accumulation or labor supply decisions that allow for adjustment along both the extensive and intensive margin. We conclude that previous estimates of small labor supply elasticities based on micro data are fully consistent with large aggregate labor supply elasticities. (JEL D91, E24, J22)

scholarly journals Nonconvexities, Retirement, and the Elasticity of Labor Supply

2013 ◽  
Vol 103 (4) ◽  
pp. 1445-1462 ◽  
Author(s):  
Richard Rogerson ◽  
Johanna Wallenius
Keyword(s):  
Human Capital ◽  
Life Cycle ◽  
Labor Supply ◽  
Capital Accumulation ◽  
Credit Constraints ◽  
Elasticity Of Substitution ◽  
Human Capital Accumulation ◽  
Hours Worked ◽  
Younger Workers ◽  
Life Cycle Models

We consider two life cycle models of labor supply that use nonconvexities to generate retirement. In each case we derive a link between hours worked prior to retirement, the intertemporal elasticity of substitution for labor (IES), and the size of the nonconvexities. This link is robust to allowing for credit constraints and human capital accumulation by younger workers and suggests values for the IES that are .75 or higher. (JEL D91, J22, J24, J26)

scholarly journals Life-Cycle Human Capital Accumulation Across Countries: Lessons from U.S. Immigrants

2015 ◽  
Author(s):  
David Lagakos ◽  
Benjamin Moll ◽  
Tommaso Porzio ◽  
Nancy Qian ◽  
Todd Schoellman
Keyword(s):  
Human Capital ◽  
Life Cycle ◽  
Capital Accumulation ◽  
Human Capital Accumulation

scholarly journals Accumulation and obsolescence of research knowledge

2021 ◽  
Author(s):  
A. J. Novák ◽  
G. Feichtinger
Keyword(s):  
Human Capital ◽  
Life Cycle ◽  
Maximum Principle ◽  
Capital Accumulation ◽  
Negative Impact ◽  
Formal Proof ◽  
Scientific Production ◽  
Human Capital Accumulation ◽  
Research Knowledge ◽  
Optimal Capital

AbstractIn this paper we study how the scientific production of a representative researcher develops over his/her career. Using Pontryagin’s maximum principle we derive the optimal capital accumulation over the life cycle of a scientist. In particular, we are able to identify two regimes of human capital accumulation (say intensive versus normal) and to characterize their optimality depending on the initial human capital level. The paper includes a formal proof of the negative impact of the obscolescence rate as well as the discount rate on human capital production and we show that this reduction is largest at earlier ages.

scholarly journals Life-Cycle Human Capital Accumulation Across Countries: Lessons From U.S. Immigrants

2016 ◽  
Author(s):  
David Lagakos ◽  
Benjamin Moll ◽  
Tommaso Porzio ◽  
Nancy Qian ◽  
Todd Schoellman
Keyword(s):  
Human Capital ◽  
Life Cycle ◽  
Capital Accumulation ◽  
Human Capital Accumulation

scholarly journals Life-Cycle Human Capital Accumulation across Countries: Lessons from US Immigrants

2018 ◽  
Vol 12 (2) ◽  
pp. 305-342 ◽  
Author(s):  
David Lagakos ◽  
Benjamin Moll ◽  
Tommaso Porzio ◽  
Nancy Qian ◽  
Todd Schoellman
Keyword(s):  
Human Capital ◽  
Life Cycle ◽  
Capital Accumulation ◽  
Human Capital Accumulation
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