wages reflect this, with lower pay for greater uncertainty. We use the dispersion of exam grades within a field of education …Firms hiring fresh graduates face uncertainty on the future productivity of workers. Theory suggests that starting … as an indicator of the unobserved heterogeneity that employers face. We find solid evidence that starting wages are lower …

In this model of education, where individuals are exposed both to educational risk and to wage risk within the skilled … enhancing the quality of education. The necessary expenditures are optimally financed by regressive tuition fees and the net …

In this model of education, where individuals are exposed both to educational risk and to wage risk within the skilled … enhancing the quality of education. The necessary expenditures are optimally financed by regressive tuition fees and the net …

and job mobility. Across education groups permanent shocks to productivity have become more dispersed. Moreover …, heterogeneity in pay across offered jobs has increased for workers with at least some college education. Simulating these changes in …