CAREER: Transfer Learning for Economic Prediction of Labor DataDownload PDF

Published: 01 Feb 2023, Last Modified: 13 Feb 2023Submitted to ICLR 2023Readers: Everyone
Keywords: economics, transfer learning
TL;DR: We develop CAREER, a transformer-based model of job sequence data, which is pretrained on large resume datasets and fine-tuned to survey datasets widely used by labor economists.
Abstract: Labor economists regularly analyze employment data by fitting predictive models to small, carefully constructed longitudinal survey datasets. Although modern machine learning methods offer promise for such problems, these survey datasets are too small to take advantage of them. In recent years large datasets of online resumes have also become available, providing data about the career trajectories of millions of individuals. However, standard econometric models cannot take advantage of their scale or incorporate them into the analysis of survey data. To this end we develop CAREER, a transformer-based model that uses transfer learning to learn representations of job sequences. CAREER is first fit to large, passively-collected resume data and then fine-tuned to smaller, better-curated datasets for economic inferences. We fit CAREER to a dataset of 24 million job sequences from resumes, and fine-tune its representations on longitudinal survey datasets. We find that CAREER forms accurate predictions of job sequences, achieving state-of-the-art predictive performance on three widely-used economics datasets. We further find that CAREER can be used to form good predictions of other downstream variables; incorporating CAREER into a wage model provides better predictions than the econometric models currently in use.
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