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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

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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:
DateEvent
December 2007Published
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

Data sourced from Thomson Reuters' Web of Knowledge

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