Changing Tracks: Human Capital Investment after Loss of Ability
利用丹麦行政数据中的准随机工伤事故，研究发现工人受伤后通过攻读学士学位进行人力资本投资，这些学位基于其过往培训与经验，并帮助伤者从残疾福利转向全职工作，收入比受伤前高出25%。
We provide the first evidence on how workers invest in human capital after losing ability. Using quasi-random work accidents in Danish administrative data, we find that workers enroll in bachelor’s programs after physical injuries, pursuing degrees that build on their past training and experience. Exploiting institutional differences in the stackability of degrees, we find that higher education moves injured workers from disability benefits to full-time employment, earning 25 percent more than before injury. Reskilling subsidies for injured workers pay for themselves four times over, and current rates of reskilling are substantially below the social optimum, especially for middle-aged workers.