Micro- and Macroeconomic Implications of Heterogeneity in the Production of Human Capital

• 成果类型: Article
• 署名作者: Polachek, Solomon W.; Das, Tirthatanmoy; Thamma-Apiroam, Rewat
• 署名单位: State University of New York (SUNY) System; Binghamton University, SUNY; IZA Institute Labor Economics; State University System of Florida; University of Central Florida; Kasetsart University
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/683989
• 发表日期: 2015
• 页码: 1410-1455
• 关键词: life-cycle; earnings; MODEL; fluid; intelligence; uncertainty; science; GROWTH; tests

摘要

We derive a tractable nonlinear earnings function that we estimate separately individual by individual using NLSY79 data. We obtain three ability measures, a rate of skill depreciation, a time discount rate, and a population-wide estimate of the human capital rental rate. We utilize these parameters to verify a number of heretofore untested theorems based on the life cycle model. We show how these human capital production function parameters relate to cognitive ability, personality traits, and family background. Finally, we show that accounting for individual-specific heterogeneity dramatically reduces estimates of population-wide persistence of permanent and transitory shocks by over 50 percent.