Experience vs. obsolescence: A vintage-human-capital model
نویسندگان
چکیده
منابع مشابه
Experience vs. obsolescence: A vintage-human-capital model
I introduce endogenous human-capital accumulation into an infinitehorizon version of Chari & Hopenhayn’s (1991) vintage-human-capital model. Different skill levels inside a vintage are complementary in production. I establish equivalence between competitive equilibrium and a planner’s problem, which ensures uniqueness of equilibrium. Returns to skill and tenure premia are highest in young vinta...
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We analyse liquidity constraints in the Vintage Human Capital Model of Chari and Hopenhayn (1991). Comparing two economies with di¤ering degrees of liquidity constraints, the more constrained economy exhibits slower technology di¤usion, uses a larger range of technologies and displays more lifetime income inequality. Allowing for skill transfers between the two economies gives rise to technique...
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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 deriv...
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The heterogeneity of the available physical capital with respect to productivity and emission intensity is an important factor for policy design, especially in the presence of emission restrictions. In a vintage capital model, reducing pollution requires to change the capital structure through investment in cleaner machines and to scrap the more polluting ones. In such a setting we show that em...
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An optimization problem in an economic vintage capital model with nonlinear utility is investigated. It is described by non-linear Volterra integral equations with an unknown in the limits of integration. The concavity of the problem is proven, the condition for an extremum is established, and their relevance to applications is demonstrated. © 2005 Elsevier Ltd. All rights reserved.
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2014
ISSN: 0022-0531
DOI: 10.1016/j.jet.2013.08.003