Human Capital Investment under Quasi-Geometric Discounting
Recent work by Laibson (1997) identiﬁes that individuals are excessively impatient in the short-run, but wish to become more patient over time. It is often argued that such a time-inconsistency problem distorts individuals’ savings decisions. The objective of this paper is to study human capital accumulation in the presence of a time-inconsistency problem. In doing so, we explain that many policies put into place to take advantage of the inter-personal beneﬁts from human capital accumulation may also be important for resolving ‘intra-personal’ planning problems. Our results also shed light on the role of compulsory education.
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- Krusell, Per & Kuruscu, Burhanettin & Smith Jr., Anthony A, 2001.
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