unerklaerte varianz: zur forschungsstrategie der mikrooekonomischen humankapitaltheorie
summary: the paper starts off with discussing the problem of "unexplained variance" (as measured by 1-r2) in earnings functions of a becker-mincer-type. then several attempts to deal with this problem are reviewed: the inclusion of more explanatory variables into the earnings function the transition...| Link(s) zu Dokument(en): | IHS Publikation |
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| Format: | IHS Series NonPeerReviewed |
| Sprache: | Englisch |
| Veröffentlicht: |
institut fuer hoehere studien
1980
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| Zusammenfassung: | summary: the paper starts off with discussing the problem of "unexplained variance" (as measured by 1-r2) in earnings functions of a becker-mincer-type. then several attempts to deal with this problem are reviewed: the inclusion of more explanatory variables into the earnings function the transition to multi equation models; the reformulation of the underlying theoretical model. the results of these research efforts indicate that there is very little hope for increasing the explanatory power ofthe earnings functions of a becker-mincer-type. one reason for the restrictions on the explanatory power of the standard human capital approach is to be sought in its simplified general equilibrium framework. the paper suggests that a non-walrasian analysis might serve us better in explaining "unexplained variance" in human capital analyses. such non-walrasian models have explicitely to deal with (a) a theory of price formation on labour markets, (b) a model of disequilibrium market clearing byrationing schemes, and (c) hypotheses on intertemporal trading patterns of firms and workers.; |
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