TY - JOUR
T1 - Wages, hours and human capital over the life cycle
AU - Hart, Robert A.
AU - Ma, Yue
N1 - This has also been published in: Hart, R. A., & Ma, Y. (2008). Wages, hours and human capital over the life cycle. In Labormetrics (pp. 446-464). De Gruyter.
PY - 2008/12
Y1 - 2008/12
N2 - We investigate wage-hours contracts within a four-period rent sharing model that incorporates asymmetric information. Distinctions are made among (a) an investment period, (b) a period in which the parties may separate (quits or layoffs) or continue rent accumulation and sharing, (c) a post investment period and, (d) retirement. We establish that increases in both wage rates and hours of work in the post-investment period serve to minimise sub-optimal separations and, moreover that both wage and hours schedules are concave. Testing is based on 13 waves of British Household Panel Survey from 1991 to 2003.
AB - We investigate wage-hours contracts within a four-period rent sharing model that incorporates asymmetric information. Distinctions are made among (a) an investment period, (b) a period in which the parties may separate (quits or layoffs) or continue rent accumulation and sharing, (c) a post investment period and, (d) retirement. We establish that increases in both wage rates and hours of work in the post-investment period serve to minimise sub-optimal separations and, moreover that both wage and hours schedules are concave. Testing is based on 13 waves of British Household Panel Survey from 1991 to 2003.
KW - Asymmetric iformation
KW - Four period model
KW - Wage-hours contracts
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UR - https://www.scopus.com/record/pubmetrics.uri?eid=2-s2.0-62449108932&origin=recordpage
U2 - 10.1515/jbnst-2008-5-604
DO - 10.1515/jbnst-2008-5-604
M3 - RGC 21 - Publication in refereed journal
SN - 0021-4027
VL - 228
SP - 446
EP - 464
JO - Jahrbucher fur Nationalokonomie und Statistik
JF - Jahrbucher fur Nationalokonomie und Statistik
IS - 5-6
ER -