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Appears in Collections:Economics Journal Articles
Peer Review Status: Refereed
Title: Wages, Hours and Human Capital Over the Life Cycle
Author(s): Hart, Robert A
Ma, Yue
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Keywords: Wage-hours Contracts
Asymmetric Information
Four Period Model
Hours of labor
Human capital
Issue Date: 2008
Date Deposited: 18-Dec-2009
Citation: Hart RA & Ma Y (2008) Wages, Hours and Human Capital Over the Life Cycle. Jahrbucher fur Nationalokonomie und Statistik, 228 (5-6), pp. 446-464.
Abstract: We investigate wage-hours contracts within a four-period rent sharing model that incorporates asymmetric information. Distinctions are made among (a) an investment period, (b) a period in which the parties may separate (quits or layoffs) or continue rent accumulation and sharing, (c) a post investment period and, (d) retirement. We establish that increases in both wage rates and hours of work in the post-investment period serve to minimise sub-optimal separations and, moreover that both wage and hours schedules are concave. Testing is based on 13 waves of British Household Panel Survey from 1991 to 2003.
Rights: Published in Jahrbücher für Nationalökonomie und Statistik by Lucius & Lucius Verlagsgesellschaft.

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