Sources of lifetime inequality:
Is lifetime inequality mainly due to differences across people established early in life or to differences in luck experienced over the working lifetime? We answer this question within a model that features idiosyncratic shocks to human capital, estimated directly from data, as well as heterogeneity...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2007
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13224 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Is lifetime inequality mainly due to differences across people established early in life or to differences in luck experienced over the working lifetime? We answer this question within a model that features idiosyncratic shocks to human capital, estimated directly from data, as well as heterogeneity in ability to learn, initial human capital, and initial wealth -- features which are chosen to match observed properties of earnings dynamics by cohorts. We find that as of age 20, differences in initial conditions account for more of the variation in lifetime utility, lifetime earnings and lifetime wealth than do differences in shocks received over the lifetime. Among initial conditions, variation in initial human capital is substantially more important than variation in learning ability or initial wealth for determining how an agent fares in life. An increase in an agent's human capital affects expected lifetime utility by raising an agent's expected earnings profile, whereas an increase in learning ability affects expected utility by producing a steeper expected earnings profile. |
| Beschreibung: | Literaturverz. S. 24 - 26 |
| Beschreibung: | 40 S. graph. Darst. 22 cm |
Internformat
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| 520 | 8 | |a Is lifetime inequality mainly due to differences across people established early in life or to differences in luck experienced over the working lifetime? We answer this question within a model that features idiosyncratic shocks to human capital, estimated directly from data, as well as heterogeneity in ability to learn, initial human capital, and initial wealth -- features which are chosen to match observed properties of earnings dynamics by cohorts. We find that as of age 20, differences in initial conditions account for more of the variation in lifetime utility, lifetime earnings and lifetime wealth than do differences in shocks received over the lifetime. Among initial conditions, variation in initial human capital is substantially more important than variation in learning ability or initial wealth for determining how an agent fares in life. An increase in an agent's human capital affects expected lifetime utility by raising an agent's expected earnings profile, whereas an increase in learning ability affects expected utility by producing a steeper expected earnings profile. | |
| 700 | 1 | |a Ventura, Gustavo |e Verfasser |0 (DE-588)133480917 |4 aut | |
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Datensatz im Suchindex
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| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:31Z |
| indexdate | 2024-07-09T21:25:14Z |
| institution | BVB |
| language | English |
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| spelling | Huggett, Mark Verfasser (DE-588)133480909 aut Sources of lifetime inequality Mark Huggett ; Gustavo Ventura ; Amir Yaron Cambridge, Mass. National Bureau of Economic Research 2007 40 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13224 Literaturverz. S. 24 - 26 Is lifetime inequality mainly due to differences across people established early in life or to differences in luck experienced over the working lifetime? We answer this question within a model that features idiosyncratic shocks to human capital, estimated directly from data, as well as heterogeneity in ability to learn, initial human capital, and initial wealth -- features which are chosen to match observed properties of earnings dynamics by cohorts. We find that as of age 20, differences in initial conditions account for more of the variation in lifetime utility, lifetime earnings and lifetime wealth than do differences in shocks received over the lifetime. Among initial conditions, variation in initial human capital is substantially more important than variation in learning ability or initial wealth for determining how an agent fares in life. An increase in an agent's human capital affects expected lifetime utility by raising an agent's expected earnings profile, whereas an increase in learning ability affects expected utility by producing a steeper expected earnings profile. Ventura, Gustavo Verfasser (DE-588)133480917 aut Yaron, Amir 1964- Verfasser (DE-588)130591068 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13224 (DE-604)BV002801238 13224 http://papers.nber.org/papers/w13224.pdf kostenfrei Volltext |
| spellingShingle | Huggett, Mark Ventura, Gustavo Yaron, Amir 1964- Sources of lifetime inequality |
| title | Sources of lifetime inequality |
| title_auth | Sources of lifetime inequality |
| title_exact_search | Sources of lifetime inequality |
| title_exact_search_txtP | Sources of lifetime inequality |
| title_full | Sources of lifetime inequality Mark Huggett ; Gustavo Ventura ; Amir Yaron |
| title_fullStr | Sources of lifetime inequality Mark Huggett ; Gustavo Ventura ; Amir Yaron |
| title_full_unstemmed | Sources of lifetime inequality Mark Huggett ; Gustavo Ventura ; Amir Yaron |
| title_short | Sources of lifetime inequality |
| title_sort | sources of lifetime inequality |
| url | http://papers.nber.org/papers/w13224.pdf |
| volume_link | (DE-604)BV002801238 |
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