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Earnings Dispersion, Risk Aversion and Education

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/10010262728

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/10010262729

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/10010262733

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/10010262476

Household Characteristics, Ability and Education: Evidence´ from a Dynamic Expected Utility Model

Belzil, Christian; Hansen, Joergen - 1999

We estimate a Dynamic Programming model of the decision between continuing schooling or entering the labor market using a panel from the National Longitudinal Survey (NLSY). The model, set in an expected utility framework (with a power utility function), fits data on both schooling attainments...

Persistent link: https://www.econbiz.de/10010262274

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/10010262285

Structural estimates of the intergenerational education correlation

Belzil, Christian; Hansen, Jörgen - 2003

individual specific abilities in explaining cross-sectional differences in schooling attainments and wages. Given scholastic …, the percentage raises to 85%. However, individual differences in wages are mostly explained by abilities. Only 27% of the … explained variation in wages is accounted for by parents? background variables as opposed to 73% by unobserved abilities …

Persistent link: https://www.econbiz.de/10010261663

On the Specification of Mincerian Wage Regressions with Heterogeneity, Non-Linearity, Non-Separability, and Heteroskedasticity

Belzil, Christian - 2004

Using panel data taken from the NLSY, I perform the joint estimation of i) a reduced-form dynamic model of the …

Persistent link: https://www.econbiz.de/10010261843

Hedonic wage equilibrium: Theory, evidence and policy

Kniesner, Thomas J.; Leeth, John D. - 2010

heterogeneity leading to a set of wages. We focus on the application where hedonic models have been most successful at clarifying … dimensions of heterogeneity in VSL, including by age and consumption plans, the latent trait that affects wages and job safety …

Persistent link: https://www.econbiz.de/10010272633

Policies to create and destroy human capital in Europe

Heckman, James Joseph; Jacobs, Bas - 2009

Trends in skill bias and greater turbulence in modern labor markets put wages and employment prospects of unskilled …

Persistent link: https://www.econbiz.de/10010274258