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1、ThisPDFisaselectionfromanout-of-printvolumefromtheNationalBureauofEconomicResearchVolumeTitle:Schooling,Experience,andEarningsVolumeAuthor/Editor:JacobA.MincerVolumePublisher:ColumbiaUniversityPressVolumeISBN:0-870-14265-8VolumeURL:http://www.nber.org/books
2、/minc74-1PublicationDate:1974ChapterTitle:TheHumanCapitalEarningsFunctionChapterAuthor:JacobA.MincerChapterURL:http://www.nber.org/chapters/c1767Chapterpagesinbook:(p.83-96)5TheHumanCapitalEarningsFunction5.1EMPIRICALSPECIFICATIONTheinterpretationofageandex
3、perienceprofilesofearningsasconsequencesofinvestmentbehaviormakesitpossibletoexpandtheschoolingmodeltoincludepost-schoolinvestmentsinanecon-ometricanalysisofthedistributionofearnings.Theimportanceofthelife-cycledistributionofpost-schoolinvestmentsincreating
4、earningsinequalityisempiricallyquiteob-vious:AsCharts4.1—4.3show,annualearningsnearlydoubleaftertwotothreedecadesofexperienceineachschoolinggroup,adif-ferentialalmostasgreatasthatbetweentheearningsofmaleswith8and16yearsofschooling.Itis,ofcourse,knownfrompre
5、viouswork,nottiedtohumancapitalanalysis,thattheinclusionofageinaddi-tiontoschoolinginamultivariateregressionanalysisofearningsin-creasestheexplanatorypoweroftheanalysis.Itisalsoknownthatsinceageinteractswithschoolinginaffectingearnings(indollarsandinlogs),a
6、linearadditiveformofregressionwithoutinteractiontermsisnotadequate.Now,wehavenotonlyobtainedabehavioralinterpretationofthisinteractionbutalsonoticedthatthereislessof84EMPIRICALANALYSISaninteraction,ifany,betweenexperienceandschoolingthanbe-tweenageandschool
7、ing:experienceprofilesoflogearningsaremuchmorenearlyparallelthanageprofiles.Ifso,inanearningsfunc-tioninwhichearningsarelogarithmic,yearsofworkexperienceshouldbeenteredadditively1andinarithmeticalform.Theex-periencetermis,ofcourse,notlinear,butconcave.Forex
8、ample(seeformulation5.2a,below)theearningsfunctionmightbeparabolicintheexperienceterm:InwheretisyearsofexperienceandE8isearningcapacityaftercom-pletionofschooling.SinceInE0+rs;InE==lnE0+rs+f31t—/32t2.I
