A large fraction of the variation in wage levels and wage growth rates among individuals remains unexplained. Economists argue that unobservedʺ heterogeneity is among the more likely reasons for this unexplained variation in wages. The source of individual heterogeneity is typically attributed...

Time preference is a key determinant of occupational choice and investments in human capital. Since careers are characterized by different wage growth prospects, individual discount rates play an important role in the relative valuation of jobs or occupations. We predict that individuals with...

Time preference is a key determinant of occupational choice and investments in human capital. Since careers are characterized by different wage growth prospects, individual discount rates play an important role in the relative valuation of jobs or occupations. We predict that individuals with...

A large portion of the variation in wages and wage growth rates among individuals is due to "unobserved" heterogeneity, and the source of individual heterogeneity is typically attributed to data limitations and/or the unobservability of certain productivity related factors. In this paper we...

A large fraction of the variation in wage levels and wage growth rates among individuals remains unexplained. Economists argue that "unobserved" heterogeneity is among the more likely reasons for this unexplained variation in wages. The source of individual heterogeneity is typically attributed...

A large portion of the variation in wages and wage growth rates among individuals is due to "unobserved" heterogeneity, and the source of individual heterogeneity is typically attributed to data limitations and/or the unobservability of certain productivity related factors. In this paper we...

The discount rate is a key determinant of investments in human capital and occupational choice. Individuals who are less future oriented - i.e. have a higher discount rate - are less likely to invest in human capital and hence more likely to select into careers with lower and flatter earnings...