Publication:
Vintage human capital and learning curves

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2014-03-01
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Elsevier
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Abstract
I study a vintage-human-capital model in which long-lived workers accumulate human capital following an exogenous learning curve. Different skill levels inside a vintage are complementary in production; this makes the ex ante homogeneous workers enter different vintages. The continuous-time framework allows me to study the timing decision for the technology phase-out differentially and to derive sharp characterization for wages and the distribution of workers in the dying technology. I show how to posit and solve a planner's problem and construct equilibrium in this way. Consistent with empirical evidence, I show that the experience premium is always positive but diminishes as a technology ages. The connection between workers, learning curves and the technology's progress curve is characterized.
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Vintage human capital, Tenure-wage profiles, Learning curve, Infinite-dimensional state space, Lagrange-multiplier theorem, Technological-progress, Economic growth, Accumulation, Replacement, Investment, Equipment, Lifetime, Adoption, Firms, Model
Bibliographic citation
Kredler, M. (2014). Vintage human capital and learning curves. Journal of Economic Dynamics and Control, 40, pp. 154-178