Joshi, Heather; Newell, Marie-Louise - C.E.P.R. Discussion Papers - 1987
statistically explicable by (a) a "human capital" model covering measures of ability, educational attainment and work experience …. The smaller estimate comes from a version of the human capital model which allows for unobserved heterogeneity by … including pay in 1972 among the determinants of pay in 1977. For 1972, where no such allowance is possible, the human capital …