Human Capital Depreciation and Returns to Experiencet

• 成果类型: Article
• 署名作者: Dinerstein, Michael; Megalokonomou, Rigissa; Yannelis, Constantine
• 署名单位: University of Chicago; National Bureau of Economic Research; University of Queensland; Monash University; University of Chicago; National Bureau of Economic Research
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20201571
• 发表日期: 2022
• 页码: 3725-3762
• 关键词: teachers; PRODUCTIVITY; IMPACT; constraints; regressions; mobility; earnings

摘要

Human capital can depreciate if skills are unused. But estimating human capital depreciation is challenging, as worker skills are difficult to measure and less productive workers are more likely to spend time in nonemployment. We overcome these challenges with new administrative data on teachers' assignments and their students' outcomes, and quasi-random variation from the teacher assignment process in Greece. We find significant losses to output, as a one-year increase in time without formal employment lowers students' test scores by 0.05 standard deviations. Using a simple production model, we estimate a skill depreciation rate of 4.3 percent and expe-rience returns of 6.8 percent.