6533b86cfe1ef96bd12c8ce7
RESEARCH PRODUCT
ON HIGH-SKILL AND LOW-SKILL EQUILIBRIA: A MARKOV CHAIN APPROACH
Andrea Mario Lavezzisubject
MicroeconomicsEconomics and EconometricsMarkov chainMarkov renewal processFinancial economicsEconomicsErgodic theoryHigh skillHuman capitaldescription
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.
| year | journal | country | edition | language |
|---|---|---|---|---|
| 2006-05-01 | Metroeconomica |