The Price of Experience

• 영문명: The Price of Experience
• 발행기관: 한국계량경제학회
• 저자명: Hyeok Jeong Yong Kim Iourii Manovskii
• 간행물 정보: 『한국계량경제학회 학술대회 논문집』2008년 하계학술대회, 1~46쪽, 전체 46쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2008.08.30

영문 초록

We propose and estimate a model in which changes in the demographic composition of the labor force may affect the returns to labor market experience. We consider workers as providing two distinct productive services – physical effort, or “labor,” and services of the skill accumulated with labor market experience, or “experience.” The key element in the model is the aggregate production function that allows for complementarity between the appropriately measured aggregate stocks of labor and experience. The parameters of the aggregate technology are identified by estimating individual earnings equations that consistently aggregate. Both time-series and cross-sectional data confirm strong experience-labor complementarity. We find that the observed demographic changes that drive the aggregate experience to labor ratio account nearly perfectly for the substantial changes in the experience premium over time.

목차

1 Introduction

2 Model

3 Estimation

4 Results

5 Conclusion

키워드

Experience Premium Return to Experience Experience-labor Complementarity Wage Dispersion Consistent Aggregation