Estimation of a Life-Cycle Model with Human Capital, Labor Supply, and Retirement

• 成果类型: Article
• 署名作者: Fan, Xiaodong; Seshadri, Ananth; Taber, Christopher
• 署名单位: Monash University; University of Wisconsin System; University of Wisconsin Madison
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/726232
• 发表日期: 2024
• 页码: 48-95
• 关键词: social-security; job mobility; earnings; substitution; consumption; BEHAVIOR; HEALTH; INVESTMENT; INEQUALITY; elasticity

摘要

We estimate a life-cycle model of consumption, human capital investment, and labor supply. The interaction between human capital and labor supply toward the end of the life cycle is most novel. The estimates replicate the main features of the data, in particular the large increase in wages and small increase in labor supply at the beginning of the life cycle and the small decrease in wages but large decrease in labor supply toward the end. We show that incorporating human capital is critical when analyzing changes to Social Security.