This paper considers how optimal education and tax policy depends on the risk properties of human capital. It is … positive or a negative education premium. In the same model a positive intertemporal wedge is optimal. A set of generalizations …, including non-observability of education, non-observability of consumption, and temporal resolution of uncertainty, are then …

Justification for policies to encourage investments in education, particularly for individuals at the lower end of the … potentially loss averse around their expected outcome make risky investments in education and we draw on optimal tax theory to … preferences, standard risk aversion and labour supply behaviour, (ii) the risk properties of education, and (iii) the degree of …

This paper makes use of the regional variation in schooling legislation within the German secondary education system to …

Education yields substantial non-monetary benefits, but the size of these gains is still debated. Previous studies, for … example, report contradictory effects of education and compulsory schooling on mortality - ranging from zero to large … compulsory education both in the shorter and longer run. In contrast, compulsory schooling reforms have little or no effect on …