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The Asset Pricing Approach to the Rate of Return to Human Capital: An Equilibrium Search Framework for Denmark

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Author Info
Henning Bunzel
Bent J. Christensen
Nicholas M. Kiefer
Lars Korsholm () (Department of Management, University of Aarhus, Denmark)

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Abstract

The homogeneous search equilibrium model of Mortensen (1990) and Burdett and Mortensen (1998) is extended to allow human capital accumulation. The extension allows an improved empirical fit to the cross-section wage distribution. The estimation problem is nonregular but tractable. Estimated parameters are sensible and interpretable. The fit to the wage distribution is improved relative to the homogeneous model but still not entirely satisfactory.

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Publisher Info
Paper provided by School of Economics and Management, University of Aarhus in its series Management Working Papers with number 1999-17.

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Length: 43 pages
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Handle: RePEc:aah:aarmng:1999-17

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