We estimate the determinants of earnings for both the self-employed and wage/salary sectors in an economy undergoing transition from socialism to greater market orientation. We adopt a (full information) MLE methodology in addition to Heckman's two-step method, while taking both participation...

This paper measures risk in the present value of workers’ remaining lifetime earnings. Building upon a common earnings specification, our estimate combines flexible, heterogeneous forecasts of individuals’ expected earnings growth rates and the variances of potential permanent and temporary...