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Age-Dependent Skill Formation and Returns to Education: Simulation Based Evidence

Author

Listed:
  • Pfeiffer, Friedhelm

    () (ZEW Mannheim)

  • Reuss, Karsten

    () (ZEW Mannheim)

Abstract

This study integrates findings from neurobiology and psychology on early childhood development and self-regulation to assess returns to education. Our framework for evaluating the distribution of age-specific returns to investments in cognitive and noncognitive skills is a lifecycle simulation model based on the technology of skill formation (Cunha and Heckman (2007)). Our findings illustrate the cumulative and synergetic nature of skill formation, the skill multiplier, and the shaping role early childhood has for human capital formation, growth and inequality.

Suggested Citation

  • Pfeiffer, Friedhelm & Reuss, Karsten, 2007. "Age-Dependent Skill Formation and Returns to Education: Simulation Based Evidence," IZA Discussion Papers 2882, Institute for the Study of Labor (IZA).
  • Handle: RePEc:iza:izadps:dp2882
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    File URL: http://ftp.iza.org/dp2882.pdf
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    References listed on IDEAS

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    1. Gernandt Johannes & Pfeiffer Friedhelm, 2007. "Rising Wage Inequality in Germany," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 227(4), pages 358-380, August.
    2. James Heckman & Flavio Cunha, 2007. "The Technology of Skill Formation," American Economic Review, American Economic Association, vol. 97(2), pages 31-47, May.
    3. James Heckman, 2011. "Policies to foster human capital," Educational Studies, Higher School of Economics, issue 3, pages 73-137.
    4. James J. Heckman & Jora Stixrud & Sergio Urzua, 2006. "The Effects of Cognitive and Noncognitive Abilities on Labor Market Outcomes and Social Behavior," Journal of Labor Economics, University of Chicago Press, vol. 24(3), pages 411-482, July.
    5. Pfeiffer, Friedhelm & Reuß, Karsten, 2008. "Age-dependent skill formation and returns to education," Labour Economics, Elsevier, vol. 15(4), pages 631-646, August.
    6. repec:rus:hsesoc:316558 is not listed on IDEAS
    7. Cunha, Flavio & Heckman, James J. & Lochner, Lance, 2006. "Interpreting the Evidence on Life Cycle Skill Formation," Handbook of the Economics of Education, Elsevier.
    8. Daron Acemoglu, 2002. "Technical Change, Inequality, and the Labor Market," Journal of Economic Literature, American Economic Association, vol. 40(1), pages 7-72, March.
    9. repec:rus:hseeco:316558 is not listed on IDEAS
    10. John M. Barron & Mark C. Berger & Dan A. Black, 2006. "Selective Counteroffers," Journal of Labor Economics, University of Chicago Press, vol. 24(3), pages 385-410, July.
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    Cited by:

    1. Pfeiffer, Friedhelm & Reuß, Karsten, 2008. "Ungleichheit und die differentiellen Erträge frühkindlicher Bildungsinvestitionen im Lebenszyklus," ZEW Discussion Papers 08-001, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    2. Pfeiffer, Friedhelm & Reuß, Karsten, 2008. "Intra- und intergenerationale Umverteilungseffekte in der bundesdeutschen Alterssicherung auf Basis humankapital - theoretischer Überlegungen," ZEW Discussion Papers 08-010, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    3. Bonin, Holger, 2017. "The Potential Economic Benefits of Education of Migrants in the EU," IZA Research Reports 75, Institute for the Study of Labor (IZA).

    More about this item

    Keywords

    life span; human capital; self-regulation; intelligence; returns to education;

    JEL classification:

    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials

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