How does a life cycle model of labor supply account for the high labor force participation rate of ...

In the life cycle model of labor supply, individuals make labor supply decisions by comparing market and home productivities over the course of time.  People are more likely to participate in the labor force when their market productivity is relatively high compared to their home productivity.  Market productivity tends to vary over the life cycle for males in a predictable pattern (see Figure 7.3a), being relatively low in the early years, rising to a peak in middle years, and then falling off again in later years.  Taking the life cycle profile of home productivity as relatively flat and constant, the life cycle perspective implies that it's most likely that market productivity exceeds home productivity for males in the middle years (25 to 50) due to the humped profile of market productivity.  When males are young and when they are older, it's more likely that home productivity exceeds market productivity because market productivity is low in the early years due to lack of education and experience and is low in later years due to skills depreciation and obsolescence.