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Education choice under uncertainty: implications for public policy
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Hogan, Vincent and Walker, Ian (2007) Education choice under uncertainty: implications for public policy. Labour Economics, Vol.14 (No.6). pp. 894-912. doi:10.1016/j.labeco.2007.06.009
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Official URL: http://dx.doi.org/10.1016/j.labeco.2007.06.009
Abstract
We analyse how progressive taxation and education subsidies affect schooling decisions when the returns to education are stochastic. We use the theory of real options to solve the problem of education choice in a dynamic stochastic model. We show that education attainment will be an increasing function of the risk associated with education. Furthermore, this result holds regardless of the degree of risk aversion. We also show that progressive taxes will tend to increase education attainment. (C) 2007 Elsevier B.V. All rights reserved.
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HC Economic History and Conditions | ||||
| Divisions: | Faculty of Social Sciences > Economics | ||||
| Journal or Publication Title: | Labour Economics | ||||
| Publisher: | Elsevier BV | ||||
| ISSN: | 0927-5371 | ||||
| Official Date: | December 2007 | ||||
| Dates: |
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| Volume: | Vol.14 | ||||
| Number: | No.6 | ||||
| Number of Pages: | 19 | ||||
| Page Range: | pp. 894-912 | ||||
| DOI: | 10.1016/j.labeco.2007.06.009 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Access rights to Published version: | Restricted or Subscription Access | ||||
| Title of Event: | Workshop on Education and Risk | ||||
| Type of Event: | Workshop | ||||
| Location of Event: | Bonn, Germany | ||||
| Date(s) of Event: | April 2006 |
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