1. Using the Ben-Porath model discussed in class, (a) What is the marginal benefit and marginal...

1. Using the Ben-Porath model discussed in class,

(a) What is the marginal benefit and marginal cost of investing in human capital production at a given t? How r,T, and t affect the marginal benefit? How b affects the marginal cost?(b) Explain how t∗(the time period when the agent is done with schooling) is determined using the marginal benefit and marginal cost in part a.(c) Illustrate in 3 diagrams how s (subt) (the share of human capital devoted to investment at period t) ,Kt (the human capital stock at the beginning of period t), and Et(earnings at period t) change over time. (Please indicates also t∗c (the time period when the agent is done with schooling) and T(Life Expectancy) )(d) Suppose the agent has bigger b(higher ability in producing new human capital), repeat the exercise in a. (Indicate the t∗i n part c as t∗c and t∗ in part d as t∗d for comparison)(e) Suppose the agent has bigger T(Longer life expectancy), repeat the exercise in a. (Indicate the t∗c and t∗e for comparison)(f) Compare part d and part e, what is the difference between the agents’ and schooling choices and earning? To what extent and improvement in health (in terms of longer life expectancy(T)) has the same effect as an improvement in learning ability (b)?

this is a labor market economics problem

Expert Solution

Rahul Sunny answered 1 year ago

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