全球智库信息集成服务系统(G2TT): The Role of Heterogeneous Risk Preferences, Discount Rates, and Earnings Expectations in College Major Choice

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w26785
来源ID	Working Paper 26785
	The Role of Heterogeneous Risk Preferences, Discount Rates, and Earnings Expectations in College Major Choice
	Arpita Patnaik; Joanna Venator; Matthew Wiswall; Basit Zafar
发表日期	2020-03-02
出版年	2020
语种	英语
摘要	In this paper, we estimate a rich model of college major choice using a panel of experimentally-derived data. Our estimation strategy combines two types of data: data on self-reported beliefs about future earnings from potential human capital decisions and survey-based measures of risk and time preferences. We show how to use these data to identify a general life-cycle model, allowing for rich patterns of heterogeneous beliefs and preferences. Our data allow us to separate perceptions about the degree of risk or perceptions about the current versus future payoffs for a choice from the individual's preference for risk and patience. Comparing our estimates of the general model to estimates of models which ignore heterogeneity in risk and time preferences, we find that these restricted models are likely to overstate the importance of earnings to major choice. Additionally, we show that while men are less risk averse and patient than women, gender differences in expectations about own-earnings, risk aversion, and patience cannot explain gender gaps in major choice.
主题	Health, Education, and Welfare ; Education ; Labor Economics ; Demography and Aging ; Labor Supply and Demand
URL	https://www.nber.org/papers/w26785
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/584459
推荐引用方式 GB/T 7714	Arpita Patnaik,Joanna Venator,Matthew Wiswall,et al. The Role of Heterogeneous Risk Preferences, Discount Rates, and Earnings Expectations in College Major Choice. 2020.

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
w26785.pdf（1632KB）	智库出版物		限制开放	CC BY-NC-SA	浏览