Age-dependent skill formation and returns to education |
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Authors: | Friedhelm Pfeiffer Karsten Reuß |
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Institution: | 1. Hebrew University-Hadassah Braun School of Public Health and Community Medicine, Ein Kerem, Jerusalem, Israel;2. Department of Clinical Research, NeuroTrax Corporation, Modiin, Israel;3. Centre for Medical Decision Making, Ono Academic College, Kiryat Ono, Israel;4. Department of Neurology, Albert Einstein College of Medicine, Bronx, NY, USA |
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Abstract: | This study investigates the distribution of returns to investments in cognitive and self-regulatory skills over the life cycle. In our simulation model, the distribution of returns to education results from the interaction of neurobiological and socioeconomic factors in age-dependent skill formation. A novel feature of our extension of the technology of skill formation Cunha, F., Heckman, J.J., 2007. The technology of skill formation. The American Economic Review 97 (2), 31–47] is a life span model that integrates skill depreciation at older ages and calibrates it to German data. Our evidence quantitatively illustrates the role early childhood plays in the shaping of human capital formation, inequality and economic growth. |
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