Abstract
This paper examines how human capital acquired at the onset of a military career has an evolving effect on retention decisions. Using data of Marine officers that extends across 20-year horizons, estimates of the hazard related to separation rates indicate that initial differences in general and firm-specific human capital have time-varying effects on retention across the duration of a career. Additional evidence suggests that the effects of higher economy-wide unemployment as well as the onset of wars succeeding from September 2001 also change retention decisions and depend on officers' length of service. (JEL J6, J41, J45)
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