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Title: Two Essays in the Human Capital Theory
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Wu, Huoying |
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Two Essays in the Human Capital Theory Ph.D. Dissertation, The Ohio State University, 1989 Cohort(s): NLSY79 Publisher: UMI - University Microfilms, Bell and Howell Information and Learning Keyword(s): Earnings; Ethnic Groups/Ethnicity; Gender Differences; Human Capital Theory; Job Turnover; Layoffs; Leisure; Life Cycle Research; Quits; Racial Differences This dissertation contains two essays. In the first, a dynamic structure of the wage generating process is developed and estimates of this continuous-time model are made using the NLSY data from 1979 to 1985. The value of human capital stock is assumed to be a stochastic process, as are the wage rates which correlated at different points in time in the theoretical model and empirical work. In detail, a life-cycle wage process is developed from the human capital theory by considering the value of leisure and uncertainty in the investment in human capital. The individual is assumed to maximize the present value of the sum of both life-cycle income and the value of leisure, since there exists a trade-off between leisure and income. The model implies that the range of possible values of human capital the individual could obtain diverges as time progresses. The rental rate of human capital and the productivity coefficients using MLE is then estimated. Additionally, a method of estimating continuous-time optimal control problems with a stochastic state constraint is developed. These models have lacked empirical validation previously. Instead of the age-earnings profile, the age-wage profile is examined. In the second essay, the effects of firm-specific human capital and sharing ratio on permanent and temporary separations are analyzed. In a multiperiod framework, the profiles of quit probability, layoff probability, recall probability, optimal sharing ratio, specific human capital, and the expected wage can be obtained over the life-cycle. In addition, the effects of the sharing ratio and the amount of specific human capital on the layoff, quit, recall, and wage rate are systematically discussed in a three-period model. |
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Bibliography Citation
Wu, Huoying. Two Essays in the Human Capital Theory. Ph.D. Dissertation, The Ohio State University, 1989. |