TY  - RPRT
        AU  - Gohl, Niklas
AU  - Haan, Peter
AU  - Kurz, Elisabeth
AU  - Weinhardt, Felix
        TI  - Working Life and Human Capital Investment: Causal Evidence from Pension Reform
        PY  - 2020/Jan/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 12891
        UR  - https://www.iza.org/publications/dp12891
        AB  - 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.
        KW  - retirement policies
KW  - human capital
KW  - RDD
        ER  -