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Intergenerational Interactions in Human Capital Accumulation
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Lukasz Wozny
Veröffentlicht/Copyright:
4. Juni 2012
This paper considers an economy populated by a sequence of generations who decide over their consumption and investment in human capital of their immediate descendants. In such a framework, we first identify the impact of strategic interactions between consecutive generations on the time path of human capital accumulation. To this end, we characterize the decentralized Markov stationary Nash equilibrium (MSNE) and derive the sufficient conditions for its existence and uniqueness. We then provide sufficient conditions under which human capital accumulation is unambiguously (pointwise) lower in the ``strategic'' equilibrium than under the optimal dynastic policy, and discuss an example where this ordering does not hold. Secondly, we also run a numerical sensitivity analysis to assess the magnitude of discrepancies between the two analyzed cases and discuss the potential implications of overestimation of the human capital role if intergenerational interactions are not accounted for.
Keywords: human capital; intergenerational interactions; Markov stationary equilibrium; stochastic transition; constructive approach
Published Online: 2012-6-4
©2012 Walter de Gruyter GmbH & Co. KG, Berlin/Boston
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Schlagwörter für diesen Artikel
human capital;
intergenerational interactions;
Markov stationary equilibrium;
stochastic transition;
constructive approach
Artikel in diesem Heft
- Advances Article
- Seller Cheap Talk in Almost Common Value Auction
- Strategic Effects of Renegotiation-Proof Contracts
- Contributions Article
- Uniquely Representing "A Preference for Uniformity"
- An Experimental Comparison of Sequential First- and Second-Price Auctions with Synergies
- Transparency, Career Concerns, and Incentives for Acquiring Expertise
- Career Concerns and Performance Reporting in Optimal Incentive Contracts
- Two Notes on the Blotto Game
- The Tennis Coach Problem: A Game-Theoretic and Experimental Study
- Multidimensional Product Differentiation with Discrete Characteristics
- Screening and Financial Contracting in the Face of Outside Competition
- On Rationalizability and Beliefs in Discrete Private-Value First-Price Auctions
- Commitment versus Flexibility in Enforcement Games
- Endogenous Preferences and Dynamic Contract Design
- Intergenerational Interactions in Human Capital Accumulation
- Behavior-Based Price Discrimination by a Patient Seller
- Altruism and Local Interaction
- Education Signaling with Uncertain Returns
- An Axiomatic Approach to Arbitration and its Application in Bargaining Games
- Consensual and Conflictual Democratization
- Topics Article
- Preference for Variety
- Information Theory and Observational Limitations in Decision Making
- Strict Concavity of the Value Function for a Family of Dynamic Accumulation Models
- A Folk Theorem for Games when Frequent Monitoring Decreases Noise
- Characterizing Welfare-egalitarian Mechanisms with Solidarity When Valuations are Private Information
- Correlation in the Multiplayer Electronic Mail Game
- Dominance Solvability of Large k-Price Auctions
- Treading a Fine Line: Characterisations and Impossibilities for Liberal Principles in Infinitely-Lived Societies
- An Axiomatization of Learning Rules when Counterfactuals are not Observed
- On a Notion of Similarity with Endowments in Public Economics
- Outsourcing and Downstream R&D under Economies of Scale
- On Communication and the Weak Sequential Core
- Asymmetric Single-peaked Preferences
- Revealing Private Information in Bargaining
