Wages, hours and human capital over the life cycle

Robert A. Hart; Yue Ma

doi:10.1515/jbnst-2008-5-604

Wages, hours and human capital over the life cycle

Robert A. Hart, Yue Ma

Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review

Abstract

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.

Original language	English
Pages (from-to)	446-464
Journal	Jahrbucher fur Nationalokonomie und Statistik
Volume	228
Issue number	5-6
DOIs	https://doi.org/10.1515/jbnst-2008-5-604
Publication status	Published - Dec 2008
Externally published	Yes

Bibliographical note

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.

Research Keywords

Asymmetric iformation
Four period model
Wage-hours contracts

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AU - Ma, Yue

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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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M3 - RGC 21 - Publication in refereed journal

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EP - 464

JO - Jahrbucher fur Nationalokonomie und Statistik

JF - Jahrbucher fur Nationalokonomie und Statistik

IS - 5-6

ER -

Wages, hours and human capital over the life cycle

Abstract

Bibliographical note

Research Keywords

UN SDGs

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