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On The Appropriate Model For Analyzing Investment In Human Capital Where The Capital Market Is Imperfect

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  • Alan L. Gustman

Abstract

This paper suggests a modification of the Becker–Chiswick model for analyzing investment in human capital where the capital market is imperfect. The modification essentially involves the addition of a consumption function to the model. As a result it is possible to include the effects of human capital investment on a student's income expectations, on consumption, and thereby on the availability of funds for the student to finance investment in human capital.

Suggested Citation

  • Alan L. Gustman, 1973. "On The Appropriate Model For Analyzing Investment In Human Capital Where The Capital Market Is Imperfect," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 19(3), pages 303-305, September.
    • Handle: RePEc:bla:revinw:v:19:y:1973:i:3:p:303-305
    DOI: 10.1111/j.1475-4991.1973.tb00893.x
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    Cited by:

    1. Alan L. Gustman & Thomas L. Steinmeier, 1979. "The Impact of the Market and the Family on Youth Employment and Labor Supply," NBER Working Papers 0415, National Bureau of Economic Research, Inc.

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