The name is absent



lim E (°t+ι) = 0:5
t!+1

T Ihehigherthedegreecfinheritabi lityof°, themorevol<ati ethedegree
Cftezhnical inherency from ageneraticn tothecther are greater. T he
maximum csci Ilaticn is (1 j ½). T herefCre the Cwer ½, the wider the
interge∏eιaticral csci IIaticns in thedegreecfteChnical inet ciency that
is thevariance cf°

Var (°,) = ⅛ hi(1 j ½)  ".½)'" " + (½)2<t-2) +

::: + 1)+

lim Var (°,) = ɪ (1
,!1                12

½)2


P references arehcmcgenecus amcngthepcpuIaticn. T heindividuaIutiI-
ity functicn is the fcIIcwing:

(2)


(° _ r(7) b(1~7)
u =c,+1b,+1

wherec,+ 1 represents individuaIccnsumpticn in theseccnd pericd cfIifeand
b,+1 represents theIeveIcfbequests Iefttceach agent’s scn.

In the... rstperiod cf life agents Chccse Whethertcsave the whole inher-
itance, crtc invest it (at Ieastin part) in human capitaI. The investment
is indivisible and equal toh. T herefcre agents face a binary (“all or ncth-
ing”) chcice.A ssumingthatagents cannctbcrrcwtc.nance educaticn, pccr
agents, with bt < h, are nct abe to undertake any kind cf human capital
investment.

Education makes agents morebt dent and moreprcductiVe. T heseccnd-
pericd level cf inet dency (°o) 1, is lower for agents who have undertaken
investment in educaticn, while(it remains the cne assigned by N ature fcr
o             ° fcr h = 0

unskilled agents: °o = ° jh =                      .

°j           1       ° j h for h = h

Intheseccndpericdcflifeagentschccsewhethertcbeccmeentrepreneurs
crtc supply theircwn endcwmentcflabcur. The marginalprcductivity cf
ski led workers, exogenous and constant is equal tow + ±h, and itis higher
than thatcfunskilledwcrkers.: L abcuris remuneratedacccrdingtcmarginal
prcductivity. T herefcre thewagerate atan excgencus and ccnstantrate. In

1 “c” stands fcr“cld”.



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