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Estimating A Ben-Porath Model With Endogenous Retirement and Labor Supply

Christopher Taber, Ananth Seshadri () and Xiaodong Fan ()
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Christopher Taber: University of Wisconsin-Madison

No 1063, 2011 Meeting Papers from Society for Economic Dynamics

Abstract: We develop and estimate a Ben-Porath model with labor supply in which workers make consumption, human capital investment, retirement, and labor supply decisions. While most work to date on the Ben-Porath model aims to explain the wage growth early in the lifecycle, there has been surprisingly little work combining Ben-Porath human capital with labor supply. The goal of this work is to estimate a model that is rich enough to explain both the lifecyle pattern of wages as well as the lifecycle pattern of labor supply-including retirement and wage patterns at the end of working life. We begin by estimating the wage, hours, and income profiles combining data from the CPS, PSID, and HRS. We then use these patterns to estimate the model using indirect inference. At this point this work is preliminary and we are still trying to make sure we are using the best data possible. We have generated and simulated the model. We expect to be able to fit these main features and to have a completed paper by July.

Date: 2011
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