TY  - SER
AU  - Fan, Xiaodong
AU  -  Seshadri, Ananth
AU  -  Taber, Christopher
TI  - Estimation of a Life-Cycle Model with Human Capital, Labor Supply, and Retirement
SN  - 0022-3808
PB  - Journal of Political Economy
KW  -  Labor Supply
KW  -  Life-Cycle Model
KW  -  Social Security
KW  - Human Capital
N2  - We estimate a life-cycle model of consumption, human capital investment, and labor supply. The interaction between human capital and labor supply toward the end of the life cycle is most novel. The estimates replicate the main features of the data, in particular the large increase in wages and small increase in labor supply at the beginning of the life cycle and the small decrease in wages but large decrease in labor supply toward the end. We show that incorporating human capital is critical when analyzing changes to Social Security
UR  - https://www.journals.uchicago.edu/doi/10.1086/726232
ER  -