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As the time of leaving school determines the level of academic achievement this timing decision is central for the human capital investment decision. Real option theory offers a new perspective of the human capital investment decision under uncertainty and irreversibility. Unlike other...
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[BACKGROUND:] By providing high-quality, internationally comparable data on the cognitive skills of working-age adults, the Programme for the International Assessment of Adult Competencies (PIAAC) offers great potential for illuminating the complex interplay of formal qualifications and skills...
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