Human Capital, Aggregate Shocks and Panel Data Estimation
AbstractThis paper analyses how the wage and employment decisions of females are affected by past workforce participation and hours supplied. Our estimation methods exploit the fact that, when markets are complete, the Lagrange multiplier for an agentâs lifetime budget constraint always enters multiplicatively with the prices of (contingent claims to) consumption and leisure. Depending on the properties of the equilibrium price process, it is thus possible to predict the behavior of a wealthy agent by observing that of a poorer person living in a more prosperous world. This provides the key to estimating, nonparametrically, the expectations that enter the calculus of equilibrium decisionmaking, and ultimately the structural parameters which characterize preferences.
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Bibliographic InfoPaper provided by Tilburg - Center for Economic Research in its series Papers with number 9128.
Length: 63 pages
Date of creation: 1991
Date of revision:
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Fax: 31 13 4663066
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More information through EDIRC
human resources ; employment ; decision making;
Other versions of this item:
- Altug, S. & Miller, R.A., 1991. "Human Capital, Aggregate Shocks and Panel Data Estimation," University of Chicago - Economics Research Center 91-1, Chicago - Economics Research Center.
- Altug, S. & Miller, R.A., 1991. "Human capital, aggregate shocks and panel data estimation," Discussion Paper 1991-28, Tilburg University, Center for Economic Research.
- Sumru Altug & Robert A. Miller, 1990. "Human capital, aggregate shocks, and panel data estimation," Discussion Paper / Institute for Empirical Macroeconomics 47, Federal Reserve Bank of Minneapolis.
- Altug, S. & Miller, R.A., 1991. "Human Capital , Aggregate Shocks and Panel Data Estimation," GSIA Working Papers 1991-25, Carnegie Mellon University, Tepper School of Business.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- Oliver LINTON, . "Applied nonparametric methods," Statistic und Oekonometrie 9312, Humboldt Universitaet Berlin.
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