| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18300 |
| 来源ID | Working Paper 18300 |
| Risk and Returns to Education | |
| Jeffrey Brown; Chichun Fang; Francisco Gomes | |
| 发表日期 | 2012-08-17 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We analyze the returns to education in a life-cycle framework that incorporates risk preferences, earnings volatility (including unemployment), and a progressive income tax and social insurance system. We show that such a framework significantly reduces the measured gains from education relative to simple present-value calculations, although the gains remain significant. For example, for a range of preference parameters, we find that individuals should be willing to pay 300 to 500 (200 to 250) thousand dollars to obtain a college (high school) degree in order to benefit from the 32 to 42 percent (20 to 38 percent) increase in annual certainty-equivalent consumption. We also explore how the measured value of education varies with preference parameters, by gender, and across time. In contrast to findings in the education wage-premia literature, which focuses on present values and which we replicate in our data, our model indicates that the gains from college education were flat in the 1980s and actually decreased significantly in 1991-2007 period. On the other hand, the gains to a high school education have increased quite dramatically over time. We also show that both high school and college education help to decrease the gender gap in life-time earnings, contrary again to the conclusion from wage premia calculations. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Public Economics ; National Fiscal Issues ; Health, Education, and Welfare ; Education ; Labor Economics ; Labor Supply and Demand |
| URL | https://www.nber.org/papers/w18300 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575975 |
| 推荐引用方式 GB/T 7714 | Jeffrey Brown,Chichun Fang,Francisco Gomes. Risk and Returns to Education. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18300.pdf（171KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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