G2TT
来源类型Discussion paper
规范类型论文
来源IDDP5747
DP5747 Optimal Selling Strategies When Buyers May Have Hard Information
Patrick W. Schmitz
发表日期2006-07-11
出版年2006
语种英语
摘要We propose to model individual educational investments as a rational decision, maximizing expected utility, conditional on some characteristics observed by the student, under the combined risks affecting future wages and schooling duration. Assuming that students' attitudes toward risk can be represented by a CRRA utility, we show that the risk-aversion parameter can be identified in a natural way, using the variation in school-leaving ages, conditional on certified educational levels. Estimation can be performed by means of classic Maximum Likelihood methods. The model can easily be compared with a non-structural, simplified version, which is a standard wage equation with endogenous dummy variables representing education levels, education levels being themselves determined by an Ordered Probit model. We find small but significant values of the coefficient of relative risk aversion, between 0.1 and 0.9. These results are obtained with a rich sample of 12,500 young men who left the educational system in 1992, in France.
主题Labour Economics ; Public Economics
关键词Risk aversion Human capital Returns to education Econometrics
URLhttps://cepr.org/publications/dp5747
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/534590
推荐引用方式
GB/T 7714
Patrick W. Schmitz. DP5747 Optimal Selling Strategies When Buyers May Have Hard Information. 2006.
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