Mincer earnings function [SEP] named after
Mincer earnings function
The Mincer earnings function is a single-equation model that explains wage income as a function of schooling and experience, named after Jacob Mincer. The equation has been examined on many datasets and Thomas Lemieux argues it is "one of the most widely used models in empirical economics". Typically the logarithm of earnings is modelled as the sum of years of education and a quadratic function of "years of potential experience".
Where the variables have the following meanings; formula_2 is earnings (the intercept formula_3
as a function of human capital in statistical estimation. And as a result of Mincer's pioneering work, variables such as schooling and work experience are now the most commonly used measures of human capital.
Awards and prizes.
In 1967 Mincer was elected as a Fellow of the American Statistical Association.
In 1991, he received an honorary Doctor of Laws degree from the University of Chicago which recognized his seminal work in the economic analysis of earnings and inequality, the labor force decisions of women and of job mobility.