Investment in Human Capital versus Differences in Company Productivity Levels: Specification and Estimation of Equilibrium Search Models for Denmark
AbstractThis paper considers estimation of a pure equilibrium search model in which all heterogeneity is endogenous and due to information asymmetries, and of variations that allow better fits to the data: Measurement error, investment in human capital, and heterogeneity in the productivity levels of firms. The model is fit to a random sample of individuals representing 1% of the Danish population in the age group 16-75 years over the period 1981-90. All specifications are fit by maximum likelihood and provide readily interpretable parameter estimates. Variation in estimates across demographic groups is discussed. Several parameters are common across specifications, and their estimates are reasonably robust.
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Bibliographic InfoPaper provided by School of Economics and Management, University of Aarhus in its series Management Working Papers with number 1999-15.
Length: 62 pages
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Web page: http://www.econ.au.dk/afv/
Human Capital; Company Productivity; Dynamic Programming; Likelihood; Local Cuts; Nash Equilibrium;
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- Audra J. Bowlus & Huju Liu, 2012.
"The Contributions of Search and Human Capital to Earnings Growth Over the Life Cycle,"
University of Western Ontario, CIBC Centre for Human Capital and Productivity Working Papers
20122, University of Western Ontario, CIBC Centre for Human Capital and Productivity.
- Bowlus, Audra J. & Liu, Huju, 2013. "The contributions of search and human capital to earnings growth over the life cycle," European Economic Review, Elsevier, vol. 64(C), pages 305-331.
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