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...

This paper examines trends in the college wage premium (CWP) by birth cohort across the five major household surveys in the United States: the Census/ACS, CPS, NLSY, PSID, and SIPP. We document a flattening in the CWP for birth cohorts 1978 and onward in each survey and even a decline for birth...

Indicators for quality of schooling are not only relatively new in the world but also unavailable for a sizable share of the world's population. In their absence, some proxy measures have been devised. One simple but powerful idea has been to use the schooling premium for migrant workers in the...

This paper constructs a dynamic model of health insurance to evaluate the short- and long run effects of policies that prevent firms from conditioning wages on health conditions of their workers, and that prevent health insurance companies from charging individuals with adverse health conditions...