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Estimation of a Life-Cycle Model with Human Capital, Labor Supply, and Retirement

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  • Xiaodong Fan
  • Ananth Seshadri
  • Christopher Taber

Abstract

We estimate a life-cycle model of consumption, human capital investment, and labor supply. The interaction between human capital and labor supply toward the end of the life cycle is most novel. The estimates replicate the main features of the data, in particular the large increase in wages and small increase in labor supply at the beginning of the life cycle and the small decrease in wages but large decrease in labor supply toward the end. We show that incorporating human capital is critical when analyzing changes to Social Security.

Suggested Citation

  • Xiaodong Fan & Ananth Seshadri & Christopher Taber, 2024. "Estimation of a Life-Cycle Model with Human Capital, Labor Supply, and Retirement," Journal of Political Economy, University of Chicago Press, vol. 132(1), pages 48-95.
    • Handle: RePEc:ucp:jpolec:doi:10.1086/726232
    DOI: 10.1086/726232
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