The effect of uncertain returns on human capital investment patterns

James Monks

Atlantic Economic Journal, 1998, vol. 26, issue 4, 413-419

Abstract: This paper formalizes a human capital model with a dynamic and uncertain rental rate of human capital. As a result, investment in human capital may no longer decline monotonically over time as is predicted by the standard Ben-Porath version of the human capital model. This model provides a plausible, theoretical explanation for the recent trend of investment in higher education later in the life cycle which is consistent with the empirically established, increasing returns to education. Copyright International Atlantic Economic Society 1998

Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:kap:atlecj:v:26:y:1998:i:4:p:413-419

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DOI: 10.1007/BF02299453

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