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Can risk aversion explain schooling attainments? : Evidence from Italy

Belzil, Christian (contributor); Leonardi, Marco (contributor) - 2006

Using unique Italian panel data, in which individual differences in behavior toward risk are measured from answers to a lottery question, we investigate if (and to what extent) risk aversion can explain differences in schooling attainments. We formulate the schooling decision process as a...

Persistent link: https://www.econbiz.de/10003323167

Subjective beliefs and schooling decisions

Belzil, Christian (contributor) - 2007

This paper considers the estimation of sequential schooling decisions made by agents who are endowed with subjective … degree of confidence (a measure of spread) and the incidence of over (and under) estimation. I find that the future component … of intertemporal utilities dominates schooling decisions. I find a strong incidence of under-estimation among the more …

Persistent link: https://www.econbiz.de/10003597338

Risk aversion and schooling decisions

Belzil, Christian (contributor); Leonardi, Marco (contributor) - 2007

We develop a non-rational expectation econometric model of sequential schooling decisions. Using unique Italian panel data in which individual differences in attitudes toward risk are measurable (with error), we investigate the effect of risk aversion on the probability of entering higher...

Persistent link: https://www.econbiz.de/10003539353

The distinction between dictatorial and incentive policy interventions and its implication for IV estimation

Belzil, Christian; Hansen, Jörgen - 2010

human capital accumulation, and focus on the estimation of the returns to schooling using instruments generated from …

Persistent link: https://www.econbiz.de/10003944633

Calibration and IV estimation of a wage outcome equation in a dynamic environment

Belzil, Christian (contributor); Hansen, Jörgen (contributor) - 2008

We consider an artificial population of forward looking heterogeneous agents making decisions between schooling, employment, employment with training and household production, according to a behavioral model calibrated to a large set of stylized facts. Some of these agents are subject to policy...

Persistent link: https://www.econbiz.de/10003724129

Heterogeneous returns to human capital and dynamic self-selection

Belzil, Christian; Hansen, Jörgen - 2001

We estimate a structural dynamic programming model of schooling decisions and obtain individual specific estimates of the local (and average) returns to schooling as well as the returns to experience. Homogeneity of the returns to human capital is strongly rejected in favor of a discrete...

Persistent link: https://www.econbiz.de/10011401014

Subjective discount rates, intergenerational transfers and the return to schooling

Belzil, Christian; Hansen, Jörgen - 1999

Using a dynamic programming model of schooling decisions, we investigate the relationship between subjective discount rates and the labor market ability (the discount rate bias) on a panel taken from the National Longitudinal Survey of Youth (NLSY). Given household human capital and Armed Forces...

Persistent link: https://www.econbiz.de/10011313951

Unobserved ability and the return to schooling

Belzil, Christian; Hansen, Jörgen - 2002

We estimate a structural dynamic programming model of schooling decisions with unobserved heterogeneity in school ability and market ability on a sample taken from the National Longitudinal Survey of Youth (NLSY). Both the instantaneous utility of attending school and the wage regression...

Persistent link: https://www.econbiz.de/10011411639

A structural analysis of the correlated random coefficient wage regression model

Belzil, Christian; Hansen, Jörgen - 2002

We estimate a finite mixture dynamic programming model of schooling decisions in which the log wage regression function is set in a random coefficient framework. The model allows for absolute and comparative advantages in the labor market and assumes that the population is composed of 8 unknown...

Persistent link: https://www.econbiz.de/10011411668

Earnings dispersion, risk aversion and eduation

Belzil, Christian; Hansen, Jörgen - 2002

We estimate a dynamic programming model of schooling decisions in which the degree of risk aversion can be inferred from schooling decisions. In our model, individuals are heterogeneous with respect to school and market abilities but homogeneous with respect to the degree of risk aversion. We...

Persistent link: https://www.econbiz.de/10011411833