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| Author: | Heckman, J. Layne-Farrar, A. Todd, P. |
| Title: | Human capital pricing equations with an application to estimating the effect of schooling quality on earnings |
| Journal: | Review of Economics and Statistics
1996 : NOV, VOL. 78:4, p. 562-610 |
| Index terms: | ECONOMICS STATISTICS EARNINGS |
| Language: | eng |
| Abstract: | This paper formulates and estimates alternative models for the rpicing of labor services. The authors present economic models that rationalize empirical specifications in the literature and they offer evidence on the validity of those specifications. Widely used efficiency units models of labor services are inconsistent with evidence from the US labor market. A model of heterogeneous skills provides a more accurate description of earnings data. The authors present evidence that the pursuit of comparative advantage and selective migration are important features of the US labor market. |
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