Formative Indicators and Effects of a Causal Model for Household Human Capital with Application
AbstractDagum and Slottje (2000) estimated household human capital (HC) as a latent variable (LV) and proposed its monetary estimation by means of an actuarial approach. This paper introduces an improved method for the estimation of household HC as an LV by means of formative and reflective indicators in agreement with the accepted economic definition of HC. The monetary value of HC is used in a recursive causal model to obtain short- and long-term multipliers that measure the direct and total effects of the variables that determine household HC. The new method is applied to estimate US household HC for year 2004.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Econometric Reviews.
Volume (Year): 26 (2007)
Issue (Month): 5 ()
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- Lovaglio, Pietro Giorgio, 2008. "Process of accumulation of Italian human capital," Structural Change and Economic Dynamics, Elsevier, vol. 19(4), pages 342-356, December.
- Pietro Giorgio Lovaglio & Giuseppe Folloni, 2011. "The estimation of Human Capital in structural models with flexible specification," Working Papers 11, AlmaLaurea Inter-University Consortium.
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