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Age, Human Capital, and the Quality of Work: New Evidence from Old Masters

Author

Listed:
  • Bayer Thomas
  • Page John

    (A.B. Freeman School of Business, Tulane University, New Orleans, LA 70118, USA)

  • Raviv Yaron
  • Rosett Joshua

    (Robert Day School of Economics and Finance, Claremont McKenna College, 500 E. Ninth St. Claremont, CA 91711, USA)

Abstract

The links between individual ability, human capital investment, and quality of output are generally hard to examine because in most situations output results from multiple inputs and often through complex contracting processes. We overcome these problems by examining life-cycle artistic output quality as reflected in art auction prices. First, we observe an inverted U-shaped age-quality of work profile similar to the conventional age–wage profile. Second, we find that the degree of concavity increases for those with higher native ability. Third, we find that working for a patron rather than selling directly to the market is associated with a flatter age profile. Fourth, we find evidence that formal education increases the concavity of the age-quality of work profile. These results are consistent with the theory and demonstrate that artists respond to incentives to invest in human capital.

Suggested Citation

  • Bayer Thomas & Page John & Raviv Yaron & Rosett Joshua, 2013. "Age, Human Capital, and the Quality of Work: New Evidence from Old Masters," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 13(2), pages 687-708, July.
    • Handle: RePEc:bpj:bejeap:v:13:y:2013:i:2:p:687-708:n:2
    DOI: 10.1515/bejeap-2012-0030
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    References listed on IDEAS

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    2. Börsch-Supan, Axel & Weiss, Matthias, 2016. "Productivity and age: Evidence from work teams at the assembly line," The Journal of the Economics of Ageing, Elsevier, vol. 7(C), pages 30-42.

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