Heckman, James; Lochner, Lance; Taber, Christopher - In: Review of Economic Dynamics 1 (1998) 1, pp. 1-58
This paper develops and estimates an overlapping generations general equilibrium model of labor earnings, skill formation, and physical capital accumulation with heterogenous human capital. The model analyzes both schooling choices and post-school on-the-job investment in skills in a framework...