Fig. 2 shows the ability of the model to match the empirical life-cycle profiles for both types for time spent studying, hours worked, wages and human capital. Data on time spent studying are from ATUS 2003-2012. Data on wages and hours following the methodology in Huggett et al. (2011). Since hours worked and wages have different untils in the model and in the data, they have been normalized to 1 at age 20.