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Human capital accumulation and the intertemporal elasticity of substitution of labor: How large is the bias?
Journal article   Peer reviewed

Human capital accumulation and the intertemporal elasticity of substitution of labor: How large is the bias?

Johanna Wallenius
Review of Economic Dynamics, Vol.14(4), pp.577-591
2011-10
DOI: https://doi.org/10.1016/j.red.2011.06.002

Abstract

E24 J24 Intertemporal elasticity of substitution Human capital Life cycle Labor supply
I consider two different skill accumulation technologies, learning by doing and Ben-Porath type training. The effect of human capital accumulation in the form of learning by doing is to increase the labor supply elasticity estimate by a factor of 2.1 relative to the estimate that ignores human capital accumulation. The results are similar for the Ben-Porath type training technology, although the estimate of the bias is somewhat higher.

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