Replication data for: Constrained Efficiency in a Human Capital Model

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Project Citation:

Park, Yena. Replication data for: Constrained Efficiency in a Human Capital Model. Nashville, TN: American Economic Association [publisher], 2018. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114152V1

Project Description

Summary: This paper investigates whether capital and human capital are over-accumulated in an incomplete market economy. As in Davila et al. (2012), whether capital is over-accumulated depends on how the pecuniary externalities affect insurance and redistribution. In a human capital economy, however, not only capital but also human capital generates externalities and an additional channel arises that has implications for the overaccumulation (under-accumulation) of capital (human capital). The income sources of the poor and the correlation between wealth and human capital are crucial for the implication of pecuniary externalities. Realistically calibrated models exhibit under-accumulation (overaccumulation) of capital (human capital).

Scope of Project

JEL Classification:
      D52 Incomplete Markets
      D62 Externalities
      I26 Returns to Education
      J22 Time Allocation and Labor Supply
      J24 Human Capital; Skills; Occupational Choice; Labor Productivity
      J31 Wage Level and Structure; Wage Differentials

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Published Versions

V1 [2019-10-12]

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