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The Wages of Older Men


  • Geoffrey Carliner


In this paper, net depreciation rates in human capital are estimated from wage data on a longitudinal sample of men aged 45 to 64. The results indicate that wage rates begin to decline in the early fifties at rates under 1 percent annually and decline at about 2 percent annually after age 60. This decrease was offset by the general increase in wage levels so that on average the real wages of men approaching retirement did not decline during the period studied. The general increase was larger for blacks than for whites, probably because of decreases in labor market discrimination between 1966 and 1974. An appendix presents a GLS estimator for a variance components model in which the number of observations per individual varies.

Suggested Citation

  • Geoffrey Carliner, 1982. "The Wages of Older Men," Journal of Human Resources, University of Wisconsin Press, vol. 17(1), pages 25-38.
  • Handle: RePEc:uwp:jhriss:v:17:y:1982:i:1:p:25-38

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    References listed on IDEAS

    1. Kiefer, Nicholas M, 1988. "Economic Duration Data and Hazard Functions," Journal of Economic Literature, American Economic Association, vol. 26(2), pages 646-679, June.
    2. Clotfelter, Charles T. & Ehrenberg, Ronald G. & Getz, Malcolm & Siegfried, John J., 1992. "Economic Challenges in Higher Education," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226110509.
    3. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 31(3), pages 129-137.
    4. David W. Breneman & Dean T. Jamison & Roy Radner, 1976. "The Ph.D. Production Process," NBER Chapters,in: Education as an Industry, pages 1-52 National Bureau of Economic Research, Inc.
    5. Charles T. Clotfelter & Ronald G. Ehrenberg & Malcolm Getz & John J. Siegfried, 1991. "Introduction to "Economic Challenges in Higher Education"," NBER Chapters,in: Economic Challenges in Higher Education, pages 1-16 National Bureau of Economic Research, Inc.
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    Cited by:

    1. Bruder, Jana & Frosch, Katharina, 2006. "Foreign nationality and age: A double drawback for reemployment in Germany?," Thuenen-Series of Applied Economic Theory 63, University of Rostock, Institute of Economics.
    2. Inés P. Murillo, 2011. "Human capital obsolescence: some evidence for Spain," International Journal of Manpower, Emerald Group Publishing, vol. 32(4), pages 426-445, July.
    3. Ines P. Murillo, 2006. "Returns to Education and Human Capital Depreciation in Spain," ERSA conference papers ersa06p60, European Regional Science Association.
    4. Kadija Charni, 2016. "Is it Better to Work When We Are Older? An Empirical Comparison Between France and Great Britain," Working Papers halshs-01393268, HAL.
    5. Tao, Hung-Lin & Stinson, Thomas F., 1997. "An Alternative Measure of Human Capital Stock," Bulletins 7466, University of Minnesota, Economic Development Center.
    6. Manuel Gomez, 2003. "Effects of Flat-Rate Taxes: to What Extent Does the Leisure Specification Matter?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(2), pages 404-430, April.
    7. Alan L. Gustman & Thomas L. Steinmeier, 1982. "Partial Retirement and Wage Profiles of Older Workers," NBER Working Papers 1000, National Bureau of Economic Research, Inc.

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