Abstract

http://ssrn.com/abstract=1364417
 
 

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Age, Human Capital and the Quality of Work: New Evidence from Old Masters


John Page


Tulane University - Accounting & Taxation

Thomas Bayer


Tulane University

Yaron Raviv


Claremont Colleges - Robert Day School of Economics and Finance

Joshua G. Rosett


Claremont McKenna College - Robert Day School of Economics and Finance

March 14, 2009

Robert Day School of Economics and Finance Research Paper No. 2009-04

Abstract:     
The links between individual ability, human capital investment, and labor productivity are generally hard to address because productivity is unobservable. We overcome this problem by examining artist productivity as reflected in art auction prices. First, we observe an inverted-U shaped age-quality of work profile similar to the conventional age-wage profile. Second, we find that the degree of concavity increases for those with higher native ability. Third, we find that working for a patron rather than selling directly to the market is associated with a flatter age profile. Fourth, we find evidence that formal education increases the concavity of the age-quality of work profile. These results are consistent with the theory and demonstrate that artists respond to incentives to invest in human capital.

Number of Pages in PDF File: 21

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Date posted: March 19, 2009  

Suggested Citation

Page, John and Bayer, Thomas and Raviv, Yaron and Rosett, Joshua G., Age, Human Capital and the Quality of Work: New Evidence from Old Masters (March 14, 2009). Robert Day School of Economics and Finance Research Paper No. 2009-04. Available at SSRN: http://ssrn.com/abstract=1364417 or http://dx.doi.org/10.2139/ssrn.1364417

Contact Information

John Page
Tulane University - Accounting & Taxation ( email )
7 McAlister Drive
New Orleans, LA 70118
United States
Thomas Bayer
Tulane University ( email )
New Orleans, LA 70118
United States
Yaron Raviv (Contact Author)
Claremont Colleges - Robert Day School of Economics and Finance ( email )
500 E. Ninth St.
Claremont, CA 91711-6420
United States
909-607-7305 (Phone)
Joshua G. Rosett
Claremont McKenna College - Robert Day School of Economics and Finance ( email )
500 E. Ninth St.
Claremont, CA 91711-6420
United States
909-607-3625 (Phone)
909-621-8249 (Fax)
HOME PAGE: http://www.claremontmckenna.edu/academic/faculty/profile.asp?Fac=372
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References:  19
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