Earnings Dispersion, Risk Aversion and Education

We show that a calibrated dynamic skill accumulation model allowing for comparative advantages, can explain the weak (or negative) e ects of schooling on productivity that have

At the outset, and while the focus of this survey is on the estimation of an out- come equation (more specifically, the return to schooling), it should be clear that the contribution

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In both Model 1 and Model 2, we allow risk aver- sion to enter the last two stages of the decision making (transition to senior high school (given junior high school) and the

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We present evidence that schooling attainments decrease with risk aversion, but despite a statistically significant effect, differences in attitudes toward risk account for a

Finally, the simulations indicate that schooling at- tainments are relatively more elastic with respect to school subsidies than to the return to schooling and, consistent with the

In various countries, the economic literature on the returns to schooling concerning quality eects of secondary or university institutions frequently presents weak or