Life-Cycle Labor Supply with Human Capital Accumulation
构建并估计了一个考虑人力资本积累的劳动供给动态模型，利用1968-81年男性面板数据，发现内生工资下的跨期劳动供给弹性随生命周期上升，与标准模型的政策含义不同。
A dynamic model of labor supply under uncertainty with endogenous human capital accumulation is developed and estimated using 1968-81 Panel Study of Income Dynamics male panel data. Given a learning-by-doing technology for human capital investment and a translog utility function, structural parameters for preferences and technology are estimated from the orthogonality conditions implied by the Euler equations assuming rational expectations. The parameter estimates conform to economic theory. Simulations of the model suggest that the intertemporal labor supply elasticity with endogenous wages will rise over the lifecycle, producing different policy implications than typical models with exogenous wages and constant intertemporal elasticities. Copyright 1989 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.