Optimal Leisure-Effort Choice with Endogenously Determined Earnings
研究允许休闲与努力权衡的培训/工作生命周期模型，提出两阶段最大化问题，引入将人力资本转化为休闲/努力效率单位的技术，并讨论实证预测及两阶段分离的条件。
Life-cycle models of training/working that allow a leisure/effort trade-off are examined. A two-stage maximization problem is proposed encompassing models previously studied. In one stage, preferences are maximized by selecting a lifetime plan of consumption, leisure, and nonleisure subject to a budget constraint involving a conditional earnings function. In the other stage, the conditional earnings function is maximized by selecting a training and working plan. A new feature is the introduction of a technology, transforming stocks of human capital into leisure/effort efficiency units. Empirical predictions and conditions disallowing a two-stage separation are discussed.