data mostly contradict the traditional view that education was a leading source of the seismic social phenomenon of … fixed effects account for time-invariant unobserved heterogeneity, education – but not income or urbanization – is …

market. At the same time, education is a time-consuming process, and enrolment and dropout decisions depend on expected … in finding a job. Standard models of job search and education assume that skills can be upgraded instantaneously (and … mostly in the form of on-the-job training) at a fixed cost. This paper models education as a time-consuming process, a …