IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Log in (now much improved!) to save this article

The Impact of Human Capital Investments on Pension Benefits

  • Johnson, Richard W

This article develops a model, with deferred compensation and severance pay, that predicts that workers bear all the costs and receive all the returns of human capital investments and that specific investments yield higher returns than general investments. This model also predicts that pensions, which efficiently defer compensation, will be positively related to specific investments. Evidence from the National Longitudinal Survey of Older Men confirms these predictions; participation in company-sponsored training programs, proxying for specific investments, increases the probability of pension receipt and the level of benefits. More general training outside the firm has much smaller effects on pensions. Copyright 1996 by University of Chicago Press.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://dx.doi.org/10.1086/209821
File Function: full text
Download Restriction: Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Article provided by University of Chicago Press in its journal Journal of Labor Economics.

Volume (Year): 14 (1996)
Issue (Month): 3 (July)
Pages: 520-54

as
in new window

Handle: RePEc:ucp:jlabec:v:14:y:1996:i:3:p:520-54
Contact details of provider: Web page: http://www.journals.uchicago.edu/JOLE/

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.:

as in new window
  1. anonymous, 1985. "Economic update," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, october.
  2. anonymous, 1985. "Economic notes," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, january.
  3. Lynch, Lisa M, 1992. "Private-Sector Training and the Earnings of Young Workers," American Economic Review, American Economic Association, vol. 82(1), pages 299-312, March.
  4. Burtless, Gary & Moffitt, Robert A, 1985. "The Joint Choice of Retirement Age and Postretirement Hours of Work," Journal of Labor Economics, University of Chicago Press, vol. 3(2), pages 209-36, April.
  5. N/A, 1985. "Calendar of Economic Events July-September 1985," National Institute Economic Review, National Institute of Economic and Social Research, vol. 114(1), pages 90-104, November.
  6. anonymous, 1985. "Developments in the international economy," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, febuary.
  7. anonymous, 1985. "A quarterly review of the New Zealand economy," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, august.
  8. anonymous, 1985. "Economic notes," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, september.
  9. Edward P. Lazear & Robert L. Moore, 1984. "Incentives, Productivity, and Labor Contracts," The Quarterly Journal of Economics, Oxford University Press, vol. 99(2), pages 275-296.
  10. Gordon, Roger H. & Blinder, Alan S., 1980. "Market wages, reservation wages, and retirement decisions," Journal of Public Economics, Elsevier, vol. 14(2), pages 277-308, October.
  11. anonymous, 1985. "Economic update," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, june.
  12. -, 1985. "Economía brasileña en 1985: informe estadístico," Oficina de la CEPAL en Brasilia (Estudios e Investigaciones) 28296, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
  13. Manning, W. G. & Duan, N. & Rogers, W. H., 1987. "Monte Carlo evidence on the choice between sample selection and two-part models," Journal of Econometrics, Elsevier, vol. 35(1), pages 59-82, May.
  14. N/A, 1985. "Chapter II. The World Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 114(1), pages 33-45, November.
  15. N/A, 1985. "Chapter II. The World Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 113(1), pages 20-30, August.
  16. anonymous, 1985. "Economic notes," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, april.
  17. anonymous, 1985. "Economic notes," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, june.
  18. anonymous, 1985. "Economic notes," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, may.
  19. anonymous, 1985. "Economic notes," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, febuary.
  20. N/A, 1985. "New World Economic Order," India Quarterly: A Journal of International Affairs, Indian Council of World Affairs, vol. 41(1), pages 158-162, January.
  21. N/A, 1985. "Chapter I. The Home Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 112(1), pages 5-18, May.
  22. anonymous, 1985. "Economic notes," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, august.
  23. Crawford, Sir John G., 1985. "How I Became an Agricultural Economist," Agricultural Economics in Australia 235001, University of New England (Australia).
  24. Anonymous, 1985. "Agricultural Economics Reference Room," Staff Papers 200904, Michigan State University, Department of Agricultural, Food, and Resource Economics.
  25. anonymous, 1985. "The open economy and competitive markets," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, april.
  26. Brown, James N, 1989. "Why Do Wages Increase with Tenure? On-the-Job Training and Life-Cycle Wage Growth Observed within Firms," American Economic Review, American Economic Association, vol. 79(5), pages 971-91, December.
  27. anonymous, 1985. "A quarterly review of the New Zealand economy," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, may.
  28. Hutchens, Robert, 1986. "Delayed Payment Contracts and a Firm's Propensity to Hire Older Workers," Journal of Labor Economics, University of Chicago Press, vol. 4(4), pages 439-57, October.
  29. Ippolito, Richard A, 1985. "The Economic Function of Underfunded Pension Plans," Journal of Law and Economics, University of Chicago Press, vol. 28(3), pages 611-51, October.
  30. Richard V. Burkhauser & Joseph F. Quinn, 1983. "Is Mandatory Retirement Overrated? Evidence from the 1970s," Journal of Human Resources, University of Wisconsin Press, vol. 18(3), pages 337-358.
  31. Christopher Cornwell & Stuart Dorsey & Nasser Mehrzad, 1991. "Opportunistic Behavior by Firms in Implicit Pension Contracts," Journal of Human Resources, University of Wisconsin Press, vol. 26(4), pages 704-725.
  32. Richard V. Burkhauser, 1979. "The Pension Acceptance Decision of Older Workers," Journal of Human Resources, University of Wisconsin Press, vol. 14(1), pages 63-75.
  33. McCormick, Barry & Hughes, Gordon, 1984. "The influence of pensions on job mobility," Journal of Public Economics, Elsevier, vol. 23(1-2), pages 183-206.
  34. anonymous, 1985. "Economic update," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, august.
  35. anonymous, 1985. "Economic notes," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, july.
  36. N/A, 1985. "Chapter II. The World Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 112(1), pages 19-30, May.
  37. N/A, 1985. "Chapter II. The World Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 111(1), pages 29-47, February.
  38. anonymous, 1985. "Economic update," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, december.
  39. -, 1985. "Economía brasileña en 1985: informe coyuntural," Oficina de la CEPAL en Brasilia (Estudios e Investigaciones) 28297, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
  40. Hashimoto, Masanori, 1979. "Bonus Payments, on-the-Job Training, and Lifetime Employment in Japan," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 1086-1104, October.
  41. Steven G. Allen & Robert L. Clark & Ann A. McDermed, 1993. "Pensions, Bonding, and Lifetime Jobs," Journal of Human Resources, University of Wisconsin Press, vol. 28(3), pages 463-481.
  42. Laurence J. Kotlikoff & Daniel E. Smith, 1983. "Pensions in the American Economy," NBER Books, National Bureau of Economic Research, Inc, number kotl83-1, September.
  43. Gary S. Fields & Olivia S. Mitchell, 1984. "Retirement, Pensions, and Social Security," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262060914, March.
  44. anonymous, 1985. "Economic update," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, november.
  45. N/A, 1985. "Chapter 1. The Home Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 111(1), pages 5-28, February.
  46. anonymous, 1985. "Economic notes," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, december.
  47. anonymous, 1985. "Economic update," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, september.
  48. anonymous, 1985. "Economic notes," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, october.
  49. anonymous, 1985. "Quarterly review of the New Zealand economy," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, november.
  50. anonymous, 1985. "New Zealand economic chronology 1984," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, january.
  51. anonymous, 1985. "Economic update," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, july.
  52. anonymous, 1985. "Economic notes," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, march.
  53. N/A, 1985. "Chapter I. The Home Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 114(1), pages 6-32, November.
  54. Joseph F. Quinn, 1977. "Microeconomic Determinants of Early Retirement: A Cross-Sectional View of White Married Men," Journal of Human Resources, University of Wisconsin Press, vol. 12(3), pages 329-346.
  55. anonymous, 1985. "Economic update," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, april.
  56. anonymous, 1985. "Quarterly review of the external economy," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, july.
  57. anonymous, 1985. "Quarterly review of the external economy," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, october.
  58. N/A, 1985. "Chapter I. The Home Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 113(1), pages 5-19, August.
  59. Kennan, John, 1979. "Bonding and the enforcement of labor contracts," Economics Letters, Elsevier, vol. 3(1), pages 61-66.
  60. anonymous, 1985. "Economic notes," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, november.
  61. anonymous, 1985. "Economic update," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 48, may.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:ucp:jlabec:v:14:y:1996:i:3:p:520-54. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Journals Division)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.