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education, which lowers future wages, and the present value of foregone wages decreases with age. Consumption is hump shaped … affecting future wages. We show optimal consumption is hump shaped and determine the peak age. The hump results from consumption …
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We comment on the work of Hanushek et al. (2015) and show that returns to skills are very heterogeneous and depend crucially on the tasks performed in the workplace, in line with the critique by Acemoglu and Autor (2011). Depending on the type of tasks performed at work, as well as on...
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