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The Age-Productivity Gradient: Evidence from a Sample of F1 Drivers

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Author Info
Fabrizio Castellucci () (INSEAD)
Mario Padula () (University Ca’ Foscari of Venice and CSEF)
Giovanni Pica () (Università di Salerno and CSEF)

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Abstract

Aging is a global phenomenon. If older individuals are less productive, an aging working population can lower aggregate productivity, economic growth and fiscal sustainability. Therefore, understanding the age-productivity gradient is key in a aging society. However, estimating the effect of aging on productivity is a daunting task. First, it requires clean measures of productivity. Wages are not such measures to the extent that they reward other workers attributes than their productivity. Second, unobserved heterogeneity at workers, firms and workers/firms level challenges the identification of the age-productivity gradient in cross-sectional data. Longitudinal data attenuate some identification issues, but give rise to the problem of partialling out the effect of aging from the pure effect of time. Third, the study of the age-productivity link requires investigating the role of experience and of seniority. We tackle these issues by focussing on a sample of Gran Prix Formula One drivers and show that the age-productivity link has an inverted U-shape profile, with a peak at around the age of 30-32.

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Publisher Info
Paper provided by Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy in its series CSEF Working Papers with number 226.

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Date of creation: 01 May 2009
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Handle: RePEc:sef:csefwp:226

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Related research
Keywords: Aging; individual effects; firm effects; match effects; Formula One;

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Find related papers by JEL classification:
J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data
L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Recreation; Tourism

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References listed on IDEAS
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.:
  1. Benoit Dostie, 2006. "Wages, Productivity and Aging," Cahiers de recherche 0645, CIRPEE. [Downloadable!]
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  2. John M. Abowd & Robert H. Creecy & Francis Kramarz, 2002. "Computing Person and Firm Effects Using Linked Longitudinal Employer-Employee Data," Technical Papers 2002-06, Longitudinal Employer-Household Dynamics, Center for Economic Studies, U.S. Census Bureau. [Downloadable!]
  3. Medoff, James L & Abraham, Katharine G, 1980. "Experience, Performance, and Earnings," The Quarterly Journal of Economics, MIT Press, vol. 95(4), pages 703-36, December. [Downloadable!] (restricted)
    Other versions:
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