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Wagner, Michael (March 1980) unerklaerte varianz: zur forschungsstrategie der mikrooekonomischen humankapitaltheorie. Former Series > Forschungsberichte / Research Memoranda 151
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Abstract
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.;
| Item Type: | IHS Series |
|---|---|
| Date Deposited: | 26 Sep 2014 10:34 |
| Last Modified: | 01 Apr 2016 14:07 |
| URI: | https://irihs.ihs.ac.at/id/eprint/151 |
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