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Human Capital Life Cycle of Earnings Models: A Specific Solution and Estimation

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  • Lee A. Lillard

Abstract

The purpose of this paper is to consider human capital models of earning behavior over an individual lifetime. A general class of life cycle models relating to individual earnings behavior is developed by considering alternative formulation of the basic Ben- Porath type model. An explicit solution to a specific formulation within this general class is considered in some detail. An empirical development of this explicit earnings function is estimated using data on a cohort of individuals surveyed at some point in their lifetime. The empirical estimates are discussed in detail. The estimated earnings function is then used to predict and individual's discounted present value of lifetime earnings.

Suggested Citation

  • Lee A. Lillard, 1973. "Human Capital Life Cycle of Earnings Models: A Specific Solution and Estimation," NBER Working Papers 0004, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:0004
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    Cited by:

    1. Yoram Weiss, 1976. "A Multiplicative Model of Investment in Human Capital," NBER Working Papers 0140, National Bureau of Economic Research, Inc.
    2. Arleen Leibowitz, 1974. "Years and Intensity of Schooling Investing," NBER Working Papers 0049, National Bureau of Economic Research, Inc.
    3. Frederick W. Derrick, 1982. "The Work Decision of College Students," Eastern Economic Journal, Eastern Economic Association, vol. 8(4), pages 289-299, Oct-Dec.
    4. Paul Wachtel, 1975. "The Effect of School Quality on Achievement, Attainment Levels, and Lifetime Earnings," NBER Chapters, in: Explorations in Economic Research, Volume 2, number 4, pages 502-536, National Bureau of Economic Research, Inc.
    5. Lee A. Lillard, 1974. "The Distribution of Earnings and Human Wealth in Cycle Context," NBER Working Papers 0047, National Bureau of Economic Research, Inc.
    6. Lillard, Lee A, 1977. "Inequality: Earnings vs. Human Wealth," American Economic Review, American Economic Association, vol. 67(2), pages 42-53, March.

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