In previous work we showed that a model that integrates job assignment, human-capital acquisition, and learning can explain several empirical findings concerning wage and promotion dynamics inside firms. In this paper we extend that model in two ways. First, we incorporate schooling into the model and derive a number of testable implications that we then compare with the available empirical evi...

This paper incorporates human capital into the well-established portfolio theory by allowing for job security in personal portfolio choice. Our model predicts that young people hold more cash to hedge against risk associated with human capital (layoff risk). As people age, layoff risk decreases, and consequently, they invest in more risky assets – stocks in their portfolios. However, as people ...

In this paper, I propose an evolutionary growth model in order to explain the negative e¤ect income seems to have in modern societies on the natural growth. I discuss the mainstream growth theory to conclude that typical macroeconomic models are impotent to account for the historic, preindustrial growth regime or to link the economic and demographic changes that coincided during the Industrial ...

In this paper, we outline a research project to investigate whether and how spiritual capital affects the economic behavior of individuals. We define spiritual capital as a set of intangible objects in the form of rules for interacting with people, nature, and spiritual beings (God, gods, buddhas, angels, evil spirits as believed to exist by individuals and in different religions) and believed ...

We propose an extended PAYG social security system that conditions pension benefits on the aggregate wage sum and on the wage of one’s children. The latter increases parents’ incentives to provide their children with good within-family education. However, since wages depend stochastically on parents’ unobservable investment in their children’s human capital, some insurance against the productiv...

This paper shows how record-value theory, a branch of statistics that deals with the timing and magnitude of extreme values in sequences of random variables, can be used to nonparametrically identify the offer distribution of wages workers face. Using NLSY wage data, I show that the data supports the hypothesis that the wage offer distribution is Pareto but rejects that it is lognormal. In addi...

background and objective : to resource allocating at national levels as results of productivity, cost calculation helps to determine the size of the problem and revealed cost benefits of injury prevention and it can also ensure the better resource using and cost benefit assessment. this study was conducted to determine the method of calculating road traffic injuries cost. materials and methods:...