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wages reflect this, with lower pay for greater uncertainty. We use the dispersion of exam grades within a field of education … as an indicator of the unobserved heterogeneity that employers face. We find solid evidence that starting wages are lower … if the variance of exam grades is higher and higher if the skew is higher: employers shift the cost of productivity risk …
Persistent link: https://www.econbiz.de/10011378868
perturbation theory to derive an approximate tractable expression for this cost adjusted for climatic and economic risk. We allow … for different aversion to risk and intertemporal fluctuations, skewness and dynamics in the risk distributions of climate …
Persistent link: https://www.econbiz.de/10012545108
The risk of investment in schooling has largely been ignored. We assess thevariance in the rate of return by surveying … skewed. Our best guess of ex ante risk in university education is a coefficient ofvariation of about 0.3, comparable to that …
Persistent link: https://www.econbiz.de/10011335192
Persistent link: https://www.econbiz.de/10009720711
We apply a recently proposed method to disentangle unobserved heterogeneity from risk in returns to education. We … college education cannot universally be considered an insurance against unpredictability of wages. One conclusion is …
Persistent link: https://www.econbiz.de/10011383274
We investigate the major choice of college graduates where we make choice dependent on expected initial wages and … expected real wage growth and expected initial wages across majors. Furthermore, the differences in these expectations appear …
Persistent link: https://www.econbiz.de/10012228687
Persistent link: https://www.econbiz.de/10003874449
Do the choices of consumers who search for a product's best price exhibit risk neutral, risk averse or loss averse risk … pay for continued search and the level of price uncertainty depends on her risk preferences. Independent of the current … best price, an increase in price uncertainty encourages continued search when consumers are risk neutral. However, we prove …
Persistent link: https://www.econbiz.de/10011520488
We show that if an agent is uncertain about the precise form of his utility function, his actual relative risk aversion … may depend on wealth even if he knows his utility function lies in the class of constant relative risk aversion (CRRA … their risk aversion parameter invest less in risky assets than wealthy investors with identical risk aversion uncertainty. …
Persistent link: https://www.econbiz.de/10011382430
with real monetary rewards conduEted among students in South Africa to estimate risk and time preferences. These …. (2002, 2005), show that HIV+ agents and participants that perceive to have a high HIV contraction risk are less risk … time preference are not considered simultaneously. We correct for differential mortality risk, risk aversion and …
Persistent link: https://www.econbiz.de/10011373818