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"Hyperbolic discount functions are characterized by a relatively high discount rate over short horizons and a relatively low discount rate over long horizons" (Laibson 1997).We suggest two cognitive procedures where individuals perceive future utility as decreasing at a decreasing rate as a...
Persistent link: https://www.econbiz.de/10011090635
This paper uses detailed administrative data from one of the largest community colleges in the United States to quantify the extent to which academic performance depends on students being of similar race or ethnicity to their instructors. To address the concern of endogenous sorting, we use both...
Persistent link: https://www.econbiz.de/10009350698
The purpose of this paper is to examine the effects of school quality on performance in national exams and the career decision at age 16. We use micro data for the UK, which provides a rich set of variables on parental background, previous achievements, and community variables. We find that,...
Persistent link: https://www.econbiz.de/10011091834
We study the relationship between age and literacy skills in Canada, Norway and the U.S. – countries that represent a wide range of literacy outcomes -- using data from the 1994 and 2003 International Adult Literacy Surveys. In cross-sectional data there is a weak negative partial...
Persistent link: https://www.econbiz.de/10011184399
Literacy is central to the improvement and betterment of any society. Individuals cannot fully engage in social and political discourse, and are more likely to become less-than-equals in society without basic literacy to pursue their goals. On the individual level, more literate individuals tend...
Persistent link: https://www.econbiz.de/10011184432
L’alphabétisme est capital pour l’amélioration de toute société. Tout un chacun ne peut participer entièrement au discours social et politique, et aura sans doute une position inférieure en société, s’il ne possède pas l’alphabétisme de base lui permettant d’atteindre ses...
Persistent link: https://www.econbiz.de/10011184472
We estimate the impact of schooling on monthly earnings from 1950 to 2000 in Romania. Nearly constant at about 3-4 percent during the socialist period, the coefficient on schooling in a conventional earnings regression rises steadily during the 1990s, reaching 8.5 percent by 2000. Our analysis...
Persistent link: https://www.econbiz.de/10005116762
Persistent link: https://www.econbiz.de/10011090323
Persistent link: https://www.econbiz.de/10011090558
Risk premia in the consumption capital asset pricing model depend on preferences and dividend. We develop a … decomposition which allows a separate treatment of both components. We show that preferences alone determine the risk …-return tradeoff measured by the Sharpe-ratio. In general, the risk-return trade-off implied by preferences depends on the elasticity …
Persistent link: https://www.econbiz.de/10011090587