Human Capital and Labor Supply: A Synthesis / Alan S. Blinder, Yoram Weiss.

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Blinder, Alan S

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Material type: Text

TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w0067.Publication details: Cambridge, Mass. National Bureau of Economic Research 1975.Description: 1 online resource: illustrations (black and white)Online resources:

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Abstract: It is by now widely recognized that investment decisions play a major role in the determination of individual age-earnings profiles. The purpose of this paper is to present a simple life-cycle model of investment in human capital in which leisure choices are explicitly incorporated. In so doing, we integrate two previously disparate branches of life-cycle theory: models of labor supply with exogenous wages, and models of human capital formation with exogenous leisure. Of course, to accomplish this, we must posit utility maximization as the individual's goal rather than income maximization.

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Item type	Home library	Collection	Call number	Status	Date due	Barcode	Item holds
Working Paper	Biblioteca Digital	Colección NBER	nber w0067 (Browse shelf(Opens below))	Not For Loan

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Previous	nber w0064 Data Analysis, Communication, and Control /	nber w0065 Rational Distributed Lag Structural Form--A General Econometric Model /	nber w0066 Detecting and Assessing the Problems Caused by Multi-Collinearity: A Useof the Singular-Value Decomposition /	nber w0067 Human Capital and Labor Supply: A Synthesis /	nber w0068 On a General Computer Algorithm for the Analysis of Models with Limited Dependent Variables /	nber w0069 Ridge Estimators for Distributed Lag Models /	nber w0070 Analysis of Qualitative Variables /	Next

1975.

It is by now widely recognized that investment decisions play a major role in the determination of individual age-earnings profiles. The purpose of this paper is to present a simple life-cycle model of investment in human capital in which leisure choices are explicitly incorporated. In so doing, we integrate two previously disparate branches of life-cycle theory: models of labor supply with exogenous wages, and models of human capital formation with exogenous leisure. Of course, to accomplish this, we must posit utility maximization as the individual's goal rather than income maximization.