Education choice under uncertainty: Implications for public policy

被引：22

作者：

Hogan, Vincent ^{[2
]}

Walker, Ian ^{[1
,3
]}

机构：

[1] Univ Warwick, Coventry CV4 7AL, W Midlands, England

[2] Univ Coll Dublin, Sch Econ, Dublin 4, Ireland

[3] Inst Fiscal Studies, London, England

来源：

LABOUR ECONOMICS | 2007年 / 14卷 / 06期

关键词：

education choice; dynamic optimization; optimal stopping; uncertainty;

D O I：

10.1016/j.labeco.2007.06.009

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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.

引用

页码：894 / 912

页数：19

共 28 条

[1] THE DEMAND FOR AND RETURN TO EDUCATION WHEN EDUCATION OUTCOMES ARE UNCERTAIN [J].