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Sources of lifetime inequality
In: NBER working paper series 13224
Is lifetime inequality mainly due to differences across people established early in life or to differences in luck experienced over the working lifetime? We answer this question within a model that features idiosyncratic shocks to human capital, estimated directly from data, as well as heterogeneity in ability to learn, initial human capital, and initial wealth -- features which are chosen to match observed properties of earnings dynamics by cohorts. We find that as of age 20, differences in initial conditions account for more of the variation in lifetime utility, lifetime earnings and lifetime wealth than do differences in shocks received over the lifetime. Among initial conditions, variation in initial human capital is substantially more important than variation in learning ability or initial wealth for determining how an agent fares in life. An increase in an agent's human capital affects expected lifetime utility by raising an agent's expected earnings profile, whereas an increase in learning ability affects expected utility by producing a steeper expected earnings profile.
A Lifetime of Struggle
In: Third world quarterly, Band 28, Heft 7, S. 1401-1411
ISSN: 0143-6597
A lifetime of relationships
Parts of a lifetime
World Affairs Online
Lifetime homes, lifetime neighbourhoods - developing a housing strategy for our ageing population
In: Policy & politics: advancing knowledge in public and social policy, Band 36, Heft 4, S. 605-610
ISSN: 0305-5736
Lifetime earnings and life expectancy
In: Sonderforschungsbereich Rationalitätskonzepte, Entscheidungsverhalten und Ökonomische Modellierung 07,05