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Human Capital Investment under Quasi-Geometric Discounting

Listed author(s):
  • Karl David Boulware

    ()

    (Department of Economics, Wesleyan University)

  • Robert R. Reed

    ()

    (Department of Economics, Finance, and Legal Studies, University of Alabama)

  • Ejindu Ume

    ()

    (Department of Economics, Miami University)

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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File URL: http://repec.wesleyan.edu/pdf/kboulware/2016003_boulware.pdf
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Paper provided by Wesleyan University, Department of Economics in its series Wesleyan Economics Working Papers with number 2016-003.

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Length: 8 pages
Date of creation: Aug 2016
Handle: RePEc:wes:weswpa:2016-003
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  1. Krusell, Per & Kuruscu, Burhanettin & Smith Jr., Anthony A, 2001. "Equilibrium Welfare and Government Policy with Quasi-Geometric Discounting," CEPR Discussion Papers 2693, C.E.P.R. Discussion Papers.
  2. James E. Rauch, 1991. "Productivity Gains From Geographic Concentration of human Capital: Evidence From the Cities," NBER Working Papers 3905, National Bureau of Economic Research, Inc.
  3. David Laibson, 1997. "Golden Eggs and Hyperbolic Discounting," The Quarterly Journal of Economics, Oxford University Press, vol. 112(2), pages 443-478.
  4. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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