Three Essays On Human Capital And Labor Supply
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Three Essays On Human Capital And Labor Supply
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Author : Cody Taylor Orr
language : en
Publisher:
Release Date : 2021
Three Essays On Human Capital And Labor Supply written by Cody Taylor Orr and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Electronic dissertations categories.
This dissertation contains three chapters that study individuals' willingness to work, factors that influence their human capital development, and the interaction between their human capital investment decisions and labor supply.Chapter one examines how college students choose their credit hour enrollment, labor supply, and borrowing, paying particular attention to the role of wages, financial resources and beliefs. To formalize these relationships, I construct a dynamic structural model where students choose their credit hours, work hours, and borrowing to maximize lifetime utility. I collect data from two sources to estimate the model: (1) a unique survey of Michigan State undergraduates eliciting their employment history, family financial support, beliefs about the returns to studying and beliefs about earning a high GPA, and (2) administrative data from the University. Estimates of the model suggest that students' credit hour decision is inelastic with respect to changes in financial aid, tuition, beliefs, or wages. Students' labor supply and borrowing decisions are responsive to changes in wages, and for a subset of students, changes in beliefs. I also conduct two counterfactual simulations, increasing the minimum wage and making college tuition free, and evaluate how these policy changes affect student decisions and outcomes.The second chapter studies the relationship between the gender composition of a student's peers and two of their non-cognitive factors: sense of belonging and self-worth. Using data from Add Health and exploiting idiosyncratic variation in the share of female peers across grades within schools, I find positive but small effects of a higher share of female peers for male students. I do not find statistically significant effects for female students, but I can rule out large positive effects.The third chapter, jointly written with Todd Elder and Steven J. Haider, estimates how the wage elasticity of labor supply has changed for single and married men and women over the last two decades. The wage elasticity of labor supply is arguably one of the most fundamental parameters in economics, but despite the central role of this parameter, few studies have examined how it has evolved past the early 2000s. We find robust evidence that the labor supply elasticities for all four demographic groups have increased modestly. For women, this finding is a substantial departure from earlier evidence. We also contribute to the literature on the robustness of discrete choice labor supply models by estimating elasticities under a variety of assumptions and specifications. Our estimated trends are remarkably similar across specifications.
Three Essays In Life Cycle Labor Supply And Human Capital Formation
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Author :
language : en
Publisher:
Release Date : 2016
Three Essays In Life Cycle Labor Supply And Human Capital Formation written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This dissertation consists of three independent essays on earnings dynamics, educational production function, and retirement. Each chapter explains labor supply and human capital formation from a life-cycle perspective. In the first chapter, I investigate how two different kinds of uncertainty jointly affect young workers' decisions. This paper introduces the possibility of multidimensional learning about worker ability and job match quality into a model of work decisions. This mechanism has a unique prediction, negative sorting into job mobility that fades away over time, which is verified in the NLSY79 data if the AFQT score carries over some information unused by workers and employers. I estimate the structural model, which also has flexible skill accumulation, by indirect inference. From simulation results on earnings dynamics, I find that the contribution of job shopping to average earnings growth is higher than previous estimates; also, individual heterogeneity in earnings growth is mostly explained by the process of resolving uncertainties. In the second chapter, which is joint work with Keunkwan Ryu, we estimate the effects of high school class size on college entrance exam scores, using Korean administrative data. For the identification, we exploit quasi-experimental variation in class size arising from distinct institutional settings in Korea: especially, students are separately educated by major from grade 11 with different class sizes between majors. By using multi-level differencing and instrumental variable techniques, we find the effects of high school class size reduction on the test scores are positive but small. In the third chapter, I examine the effects of life expectancy on retirement and related decisions. I construct a structural model which has a realistic description of complicated dynamic incentives facing the elderly, including Social Security. Furthermore, individual heterogeneity in survival beliefs are flexibly modeled, directly using subjective survival probabilities in the Health and Retirement Study (HRS) data. The estimated model suggests that many people in the data believed their wealth was over-annuitized; they would have chosen to work and save less if their average life expectancy had increased. This result partially explains the early retirement puzzle in the last century.
Three Essays On Human Capital
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Author : Xiaoyan Chen Youderian
language : en
Publisher:
Release Date : 2012
Three Essays On Human Capital written by Xiaoyan Chen Youderian and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
The first essay considers how the timing of government education spending influences the intergenerational persistence of income. We build a life-cycle model where human capital is accumulated in early and late childhood. Both families and the government can increase the human capital of young agents by investing in education at each stage of childhood. Ability in each dynasty follows a stochastic process. Different abilities and resultant spending histories generate a stochastic steady state distribution of income. We calibrate our model to match aggregate statistics in terms of education expenditures, income persistence and inequality. We show that increasing government spending in early childhood education is effective in lowering intergenerational earnings elasticity. An increase in government funding of early childhood education equivalent to 0.8 percent of GDP reduces income persistence by 8.4 percent. We find that this relatively large effect is due to the weakening relationship between family income and education investment. Since this link is already weak in late childhood, allocating more public resources to late childhood education does not improve the intergenerational mobility of economic status. Furthermore, focusing more on late childhood may raise intergenerational persistence by amplifying the gap in human capital developed in early childhood. The second essay considers parental time investment in early childhood as an education input and explores the impact of early education policies on labor supply and human capital. I develop a five-period overlapping generations model where human capital formation is a multi-stage process. An agent's human capital is accumulated through early and late childhood. Parents make income and time allocation decisions in response to government expenditures and parental leave policies. The model is calibrated to the U.S. economy so that the generated data matches the Gini index and parental participation in education expenditures. The general equilibrium environment shows that subsidizing private education spending and adopting paid parental leave are both effective at increasing human capital. These two policies give parents incentives to increase physical and time investment, respectively. Labor supply decreases due to the introduction of paid parental leave as intended. In addition, low-wage earners are most responsive to parental leave by working less and spending more time with children. The third essay is on the motherhood wage penalty. There is substantial evidence that women with children bear a wage penalty of 5 to 10 percent due to their motherhood status. This wage gap is usually estimated by comparing the wages of working mothers to childless women after controlling for human capital and individual characteristics. This method runs into the problem of selection bias by excluding non-working women. This paper addresses the issue in two ways. First, I develop a simple model of fertility and labor participation decisions to examine the relationships among fertility, employment, and wages. The model implies that mothers face different reservation wages due to variance in preference over child care, while non-mothers face the same reservation wage. Thus, a mother with a relatively high wage may choose not to work because of her strong preference for time with children. In contrast, a childless woman who is not working must face a relatively low wage. For this reason, empirical analysis that focuses only on employed women may result in a biased estimate of the motherhood wage penalty. Second, to test the predictions of the model, I use 2004-2009 data from the 1997 National Longitudinal Survey of Youth (NLSY97) and include non-working women in the two-stage Heckman selection model. The empirical results from OLS and the fixed effects model are consistent with the findings in previous studies. However, the child penalty becomes smaller and insignificant after non-working women are included. It implies that the observed wage gap in the labor market appears to overstate the child wage penalty due to the sample selection bias.
Three Essays On Labor Supply And Wage Dynamics
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Author : Eric Baird French
language : en
Publisher:
Release Date : 1999
Three Essays On Labor Supply And Wage Dynamics written by Eric Baird French and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
In my third essay, I estimate a learning-by-doing model using PSID data. By working longer hours in the present, an individual receives higher wages in the future. Estimates reveal that by increasing hours worked in a given year by 10%, next year's wage should increase by 1%.
Three Essays In Labor Economics
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Author : Shintaro Yamaguchi
language : en
Publisher:
Release Date : 2006
Three Essays In Labor Economics written by Shintaro Yamaguchi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Three Essays In Labor And Health Economics
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Author : Ja Eun Shin
language : en
Publisher:
Release Date : 2005
Three Essays In Labor And Health Economics written by Ja Eun Shin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
In this dissertation, I examine individual decisions in occupational choice, labor supply, and health care utilization. Occupational choice decisions of female college graduates on whether to teach or not are analyzed to understand the role of fertility and relative wages using a panel estimation method. I also compare the behavioral changes in the labor force participation among teachers and non-teachers conditional on the presence of a new-born baby. Using the human capital model where a worker decides her hours of work responding to wages, and her human capital is accumulated proportional to her hours of work, I predict that the positive relationship between entry wages and post wages. Empirical evidence suggests that the shock in entry wages may be attributed to post wage differentials. I examine individuals' choice of health insurance plan and utilization of health care services. Empirical evidence shows that there is favorable self-selection into health maintenance organizations (HMOs) plans and that HMO members use more of office-based and hospital outpatient services. It suggests ineffectiveness of HMO plans in reducing utilization.
Three Essays In Labor Economics Models Of Labor Market Equilibrium Human Capital Risk Hedonic
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Author : Michael Joseph Moore
language : en
Publisher:
Release Date : 1984
Three Essays In Labor Economics Models Of Labor Market Equilibrium Human Capital Risk Hedonic written by Michael Joseph Moore and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with categories.
The non-linear estimates are shown to be consistently higher than those from the linearized model.
Three Essays On Human Capital And Labor Markets For College Graduates In Colombia
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Author : Norma J. Gomez
language : en
Publisher:
Release Date : 2015
Three Essays On Human Capital And Labor Markets For College Graduates In Colombia written by Norma J. Gomez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
This research analyzes the relationship among human capital accumulation, return to education, and migration, for university graduates in Colombia. Taking advantage of newly available data on the graduate tests scores administered at the end of high school and at the end of college, information on labor market outcomes, and location; I use different models to study how much human capital is accumulated during college, how this capital is rewarded in the labor market, and how these incentives lead to reallocation of human capital across regions in Colombia by analyzing migration decisions. The first chapter is based on the uniqueness of the national tests scores in Colombia where the same students take standardized test both at the end of high school and at the end of college. I use these scores to estimate the value added of college education by university and then aggregate it by region using an Average Residual model. I define 10 regions in the country and rank regions according to value added of their universities. I find that public universities outperform private ones in terms of value added, for the regions on the top 5. Also that universities in the regions where the main cities are located outperform universities in second-tier cities. This regional disparity is relevant, since the development process in these smaller cities might benefit from generating higher value for their graduates.
Three Essays On Labor Economics
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Author : Shanke Zhao
language : en
Publisher:
Release Date : 2019
Three Essays On Labor Economics written by Shanke Zhao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Wage differentials across college majors are huge and have been increasing. The type of college education becomes important for college students in terms of future earnings. Understanding the treatment effect of major choice in a certain occupation is difficult because of the sorting behavior and the effect of occupation choice. In order to accomplish this, I provide a dynamic model that combines major choice with occupation choice. The simulation results illustrate that science majors earn 30% more if they choose jobs related to science. However, this high premium does not exist in all jobs. The major choice itself does not guarantee a high return. Occupation choice matters a lot in obtaining a higher premium. The second chapter proposes a dynamic model of college course and occupation choices, where individuals make human capital investment under imperfect information about the future return. Using simulation results based on this model, I investigate the role played by uncertainty in student choices. I contribute to the recent task-based heterogeneous human capital literature by adding choices made before individuals enter the labor market. By combining college transcript data and occupational knowledge requirement information, I match human capital with occupational tasks to better evaluate the labor market performance of college graduates. For tractability purposes, both human capital and occupational tasks are aggregated into two dimensions: STEM and non-STEM. Estimation results indicate that college courses have different returns at work, with STEM courses inducing relatively higher wages. When uncertainty is eliminated, individuals specialize more in STEM or non-STEM based on their comparative advantages. The change of specialization in STEM courses is bigger compared to non-STEM courses. Overall benefits of human capital specialization are more pronounced in top ranking colleges. Old-age medical expenditure risks have been documented to impose significant impacts on elderly savings. However, little is known about the consumption effects of elderly medical expenditure risks. In this study, we examine the effect of medical expenditure risk on elderly household consumption decisions. We identify the causal effect by exploiting the exogenous reduction in prescription drug spending risk as a result of the introduction of Medicare Part D in the U.S. in 2006. Using the Health and Retirement Study (HRS) data during 2004 - 2010, we find that declining medical expenditure risks had little impact on total consumption, regardless of nondurable or durable consumption.
Three Essays On Human Capital
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Author : Yibo Zhang
language : en
Publisher:
Release Date : 2010
Three Essays On Human Capital written by Yibo Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Electronic dissertations categories.
First Chapter: Endogenous Skill Acquisition and Taxation (with James Bullard) This paper studies dynamic Mirrleesian-style taxation in a lifecycle economy. In contrast to the recent Mirrleesian dynamic optimal taxation literature, in which individual skills are subject to shocks but are otherwise fixed over time, agents in our model make a conscious decision about human capital acquisition (as well as when to retire) given their own aptitude for learning. This aptitude is private information. Human capital accumulation is the engine of growth in our model. We find that there will be no human capital accumulation, and hence no growth, in the economy when there is no taxation of any sort. We suggest a taxation scheme which will induce human capital accumulation and hence economic growth in this stylized environment. The key feature of the tax scheme is to provide incentives for human capital accumulation for those that have high aptitude by credibly transferring resources to them later in life, after they have revealed their aptitude. We show that only a moderate transfer is called for to induce growth in our calibrated economy. We also find that the timing of the tax-transfer may or may not matter for the income distribution depending on the exact form in which the taxation is levied (labor or capital income tax), but in general the tax-transfer scheme is highly non-monotonic. Second Chapter: Brain Drain and Brain Drain Reversal Departing from the previous theoretical studies on Brain Drain, which mainly focus on the welfare impact of the migration of skilled workers on the home country and on the foreign country, I build a theoretical model to study a somewhat different twin phenomena "brain drain" and "brain drain reversal". The brain drain and brain drain reversal of interest here is the trend that people from developing countries (most prominently from East Asian countries) who have studied in developed countries such as the U.S. go back to their home country sooner or later for good. I study these two phenomena in a two-period lifecycle economy where home country agents choose not only education location but also work location possibly multiple times in their lifetime. The model captures the crucial factors in agents' location choice decision including work-place premium, education-location premium, market opportunity gap (between home and foreign countries) as well as adaptability of skills. I solve the model analytically and conduct comparative statics analysis followed by calibration exercises based on data from Mainland China (1985-2006). Third Chapter: Human Capital Intensity, Education and Growth (with Jiaren Pang and Haibin Wu) Using the methodology of Rajan and Zingales (1998), we revisit the issue of human capital and economic growth by examining whether industries with higher human capital intensity tend to grow faster in countries with higher human capital stock. Not only are we able to avoid the many problems that have plagued the conventional cross-country growth regressions but the results are no longer mixed. We do not find that education improvement has a differential effect on industries with different human capital intensities. However, we have discovered that in countries with higher education levels and quality, high human capital intensity industries grow faster than low human capital intensity ones.