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The Effect of Demographic Factors on Age-Earnings Profiles
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This article found that the age-earnings profile of male workers is significantly influenced by the age composition of the workforce, possibly because the intermittent work experience of women makes younger and older women closer substitutes in production.Abstract:
The age-earnings profile of male workers is significantly influenced by the age composition of the workforce. When the number of young workers increased sharply in the 1970s, the profile "twisted" against them, apparently because younger and older male workers are imperfect substitutes in production. The effect is especially marked among college graduates. By contrast, the age-earnings profile of female workers appears to be little influenced by the age composition of the female workforce, possibly because the intermittent work experience of women makes younger and older women closer substitutes in production. The dependence of the age-earnings profile on demographically induced movements along a relative demand schedule suggests that standard human capital models of the profile, which posit that earnings rise with age and experience solely as a result of individual investment behavior, are incomplete.read more
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Book ChapterDOI
Changes in the Wage Structure and Earnings Inequality
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Changes in the Structure of Wages During the 1980'S: an Evaluation of Alternative Explanations
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Chapter 10 Wage determinants: A survey and reinterpretation of human capital earnings functions
TL;DR: In this article, the authors present a survey and exposition of the development of the earnings function as an empirical tool for the analysis of the determinants of wage rates, which has come to mean any regression of individual wage rates or earnings on a vector of personal, market, and environmental variables thought to influence the wage.
Journal ArticleDOI
Empirical Age-Earnings Profiles
Kevin M. Murphy,Finis Welch +1 more
TL;DR: The human capital earnings function, in which earnings are expressed as a quadratic in potential experience, is probably the most widely accepted empirical specification in economics as discussed by the authors, but it provides a poor approximation of the true empirical relationship between earnings and experience, and the standard formulation understates early career earnings growth by about 30%-50% and overstates midcareer growth by 20%-50%.
References
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The translog function and the substitution of equipment, structures, and labor in U.S. manufacturing 1929-68
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A Cost Function Approach to the Measurement of Elasticities of Factor Demand and Elasticities of Substitution
TL;DR: In this paper, it is shown that the cost functions are homogeneous in prices regardless of the homogeneity properties of the production function, because a doubling of all prices will double the costs but will not affect factor ratios.