Experience vs. obsolescence: a vintage-human-capital model

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dc.contributor.author Kredler, Matthias
dc.date.accessioned 2022-06-28T13:42:04Z
dc.date.available 2022-06-28T13:42:04Z
dc.date.issued 2014-03-01
dc.identifier.bibliographicCitation Kredler, M. (2014). Experience vs. obsolescence: A vintage-human-capital model. Journal of Economic Theory, 150, pp. 709–739
dc.identifier.issn 0022-0531
dc.identifier.uri http://hdl.handle.net/10016/35316
dc.description.abstract I introduce endogenous human-capital accumulation into an infinite-horizon version of Chari and Hopenhaynʼs (1991) vintage-human-capital model. Returns to skill and tenure premia are highest in young vintages, where skill is scarcest and agents accumulate human capital fastest. As the vintage ages, the skill premium decreases and vanishes entirely upon vintage death. Workers run through cycles of human-capital accumulation: their wages rise as they accumulate skill, undergo downward pressure as the technology ages, and finally drop sharply when the worker switches to a new technology. The results are in line with German linked employer-employee data: tenure premia are highest in young establishments, as well as in fast-growing industries, occupations and establishments. A calibration exercise suggests that human-capital accumulation is the most important determinant of workers' wage profiles, whereas changes to the price of skill and vintage productivity gains play a smaller quantitative role.
dc.language.iso eng
dc.publisher Elsevier
dc.rights © Elsevier
dc.rights Atribución-NoComercial-SinDerivadas 3.0 España
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subject.other Vintage human capital
dc.subject.other Tenure-wage profiles
dc.subject.other Economic growth
dc.subject.other Technology
dc.subject.other Investment
dc.subject.other Diffusion
dc.subject.other J01
dc.subject.other E24
dc.title Experience vs. obsolescence: a vintage-human-capital model
dc.type article
dc.subject.eciencia Economía
dc.identifier.doi https://doi.org/10.1016/j.jet.2013.08.003
dc.rights.accessRights openAccess
dc.type.version acceptedVersion
dc.identifier.publicationfirstpage 709
dc.identifier.publicationlastpage 739
dc.identifier.publicationtitle JOURNAL OF ECONOMIC THEORY
dc.identifier.publicationvolume 150
dc.identifier.uxxi AR/0000014851
dc.affiliation.dpto UC3M. Departamento de Economía
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