Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/215287 
Year of Publication: 
2020
Series/Report no.: 
IZA Discussion Papers No. 12891
Publisher: 
Institute of Labor Economics (IZA), Bonn
Abstract: 
This paper presents a life-cycle model with human capital investment during working life through training and provides a novel empirical test of human capital theory. We exploit a sizable pension reform across adjacent cohorts in a regression discontinuity setting and find that an increase in working life increases training. We discuss and test further predictions regarding the relation between initial schooling, training, and the reform effect, showing that only individuals with a college degree increase human capital investment. Our results speak to a large class of human capital models as well as policies extending or shortening working life.
Subjects: 
human capital
retirement policies
RDD
JEL: 
J24
J26
H21
Document Type: 
Working Paper

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