This article develops and estimates a dynamic general equilibrium overlapping-generations model of career decisions. The model is fit to data on life cycle employment, schooling, and occupation decisions and on life cycle labor earnings, within and between cohorts observed in the United States...

A particularly challenging use of decision-theoretic models in economics is to forecast the impact of large changes in the environment. The problem we explore in this article is how to gain confidence in a model's ability to predict the impact of such large changes. We show that an approach to...

Using data from the NLSY79, we structurally estimate a dynamic model of the life cycle decisions of young women. The women make sequential joint decisions about school attendance, work, marriage, fertility, and welfare participation. We use the model to perform counterfactual simulations...