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differentials in Germany, Great Britain, and the United States. Notwithstanding the country differences concerning welfare state …
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The value of human capital critically depends on two factors: the person's skills and the economic environment, both of which are exposed to a substantial risk of future deterioration. In particular, changes in the economic environment are uninsurable. An individual takes the risk that, after...
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graduates. We test this hypothesis on data on the supply of apprenticeship places in Germany in all occupations from 2004 to …
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