option values, the internal rate of return - a cornerstone of classical human capital theory - is not a useful guide to …

the perspective of economic theory as well as from the perspective of the historical experiences of the countries under … model specification. Model uncertainty consists of two types: theory uncertainty, which relates to which growth determinants … draws from the same statistical model. We propose ways to account for both theory and heterogeneity uncertainty. Finally …

arrivals. Each of these arriving consumers then solves a standard discrete choice problem. We present a Bayesian IV estimation …