E, Saks Raven; H, Shore Stephen - In: The B.E. Journal of Economic Analysis & Policy 5 (2005) 1, pp. 1-45
Choosing a type of education is one of the largest financial decisions we make. Educational investment differs from other types of investment in that it is indivisible and non-tradable. These differences lead agents to demand a premium to enter careers with more idiosyncratic risk. Since the...