In this paper we propose to study the dynamics of human capital accumulation by means of a Markov chain. We identify the conditions for the emergence of ergodic and nonergodic dynamics, and relate them to various characteristics of an economic system. The model may generate high-skill and low-skill equilibria as well as intermediate situations. Policy implications are also discussed.
LAVEZZI AM (2006). On High-Skill and Low-Skill Equilibria: a Markov Chain Approach. METROECONOMICA, 57, 121-157.
On High-Skill and Low-Skill Equilibria: a Markov Chain Approach
LAVEZZI, Andrea Mario
2006-01-01
Abstract
In this paper we propose to study the dynamics of human capital accumulation by means of a Markov chain. We identify the conditions for the emergence of ergodic and nonergodic dynamics, and relate them to various characteristics of an economic system. The model may generate high-skill and low-skill equilibria as well as intermediate situations. Policy implications are also discussed.File in questo prodotto:
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