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Consumption Insurance Against Wage Risk : Family Labor Supply and Optimal Progressive Income Taxation
Wu, Chunzan - 2019
-household income insurance mechanism strongly biases upward the welfare losses from idiosyncratic wage risk as well as the desired …
Persistent link: https://www.econbiz.de/10012480409
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Firm Location and the Creation and Utilization of Human Capital
Almazan, Andres; De Motta, Adolfo - 2003
This paper presents a theory of location choice that draws on insights from the incomplete contracts and investment flexibility (real option) literatures. We provide conditions under which human capital is more efficiently created and better utilized within industrial clusters that contain...
Persistent link: https://www.econbiz.de/10012468588
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Investment Under Uncertainty and Time-Inconsistent Preferences
Grenadier, Steven R. - 2006
The real options framework has been used extensively to analyze the timing of investment under uncertainty. While standard real options models assume that agents possess a constant rate of time preference, there is substantial evidence that agents are very impatient about choices in the...
Persistent link: https://www.econbiz.de/10012466627
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The finance uncertainty multiplier
Alfaro, Iván; Bloom, Nicholas; Lin, Xiaoji - 2018
We show how real and financial frictions amplify the impact of uncertainty shocks. We build a model with real frictions, and find adding financial frictions roughly doubles the impact of uncertainty shocks. Higher uncertainty alongside financial frictions induces the standard real-options...
Persistent link: https://www.econbiz.de/10011895833
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The Option Value of Human Capital : Higher Education and Wage Inequality
Lee, Sang Yoon - 2015
college education that mitigate this risk: (i) college students can quit without completing four-year degrees after learning …
Persistent link: https://www.econbiz.de/10012456946
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Labor Market Effects of Short-Cycle Higher Education Programs : Lessons from Colombia
Ferreira, María M.; Galindo, Camila; Urzua, Sergio - National Bureau of Economic Research - 2022
This paper estimates the heterogeneous labor market effects of enrolling in higher education short-cycle (SC) programs. Expanding access to these programs might affect the behavior of some students (compliers) in two margins: the expansion margin (students who would not have enrolled in higher...
Persistent link: https://www.econbiz.de/10013334396
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Aftermarket Frictions and the Cost of Off-Platform Options in Centralized Assignment Mechanisms
Kapor, Adam; Karnani, Mohit; Neilson, Christopher - National Bureau of Economic Research - 2022
We study the welfare and human-capital impacts of the configuration of on- and off-platform options in the context of Chile's centralized higher education platform, leveraging administrative data and two policy changes: an expansion of the number of on-platform slots by approximately 40% and the...
Persistent link: https://www.econbiz.de/10013334474
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Do Double Majors Face Less Risk? : An Analysis of Human Capital Diversification
Hanks, Andrew S.; Jiang, Shengjun; Qian, Xuechao; Wang, Bo - National Bureau of Economic Research - 2024
We study how human capital diversification, in the form of double majoring, affects the response of earnings to labor market shocks. Double majors experience substantial protection against earnings shocks, of 56%. This finding holds across different model specifications and data sets....
Persistent link: https://www.econbiz.de/10014468295
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Trade, Human Capital, and Income Risk
Deng, Liuchun; Krishna, Pravin; Senses, Mine Zeynep; … - National Bureau of Economic Research - 2021
In this paper, we empirically assess the causal links between trade and individual income risk and study the role that … 2012. Our estimates suggest substantial heterogeneity in labor income risk across workers in different entry cohorts and …-industry changes in imports and exports are causally related to income risk: Imports increase risk and exports decrease risk, and they …
Persistent link: https://www.econbiz.de/10012794639
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Risks to Human Capital
Ebrahimian, Mehran - 2020
of the world, individuals acquire skill; however outside investors and individuals inefficiently share risk. We show that … economy enters an endogenous disaster state. We show that the possibility of these disaster states distorts risk prices, even …
Persistent link: https://www.econbiz.de/10012479346