We provide the first estimates of the impact of managers' risk preferences on their training allocation decisions. Our conceptual framework links managers' risk preferences to firms' training decisions through the bonuses they expect to receive. Risk-averse managers are expected to select...

We analyze workers' risk preferences and training investments. Our conceptual framework differentiates between the investment risk and insurance mechanisms underpinning training decisions. Investment risk leads risk-averse workers to train less; they undertake more training if it insures them...

This paper extends standard models of work-related training by explicitly incorporating workers' locus of control into the investment decision. Our model both differentiates between general and specific training and accounts for the role of workers and firms in training decisions. Workers with...

Using Norwegian administrative data, we examine how exposure to immigration over the past decades has affected natives' relative prime age labor market outcomes by social class background. Social class is established on the basis of parents' earnings rank. By exploiting variation in immigration...

Using a representative sample of European firms, we study whether and to what extent financing constraints affect employers' decision to invest in employee training. We combine survey data on investment activities with administrative data on financial statements to develop an index of financing...

Based on complete population data, with the exact same definitions of family class background and economic outcomes for a large number of birth cohorts, we examine post‐war trends in intergenerational economic mobility in Norway. Despite only mild fluctuations in standard rank‐based summary...

We model individual careers in sports and games from initial entry to eventual exit or success as a discrete-choice, finite-horizon optimization problem. We apply this model to the international game of chess and study cross-country differences in the relative success of players. While we find...

This paper studies how schooling admission tests affect economic performance in an economy where individuals are endowed with both academic and non academic abilities and both abilities matter for labor productivity. We develop a simple model with selective government held schools, where...

We develop a simple search equilibrium model of workplace training and education based on two features. First, investment in education improves job-related learning skills and reduces training costs burdened by firms. Second, firms with vacant skilled job slots can choose between recruitment...

Census data for 1990/91 indicate that Australian and Canadian female immigrants appear to have higher levels of English fluency, education, and income (relative to natives) than do U.S. female immigrants. This skill deficit for U.S. female immigrants arises in large part because the United...