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We compare the performance of maximum likelihood (ML) and simulated method of moments (SMM) estimation for dynamic …
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Australian data from the Graduate Destination survey and a two-stage estimation methodology. The results suggest that average …
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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...
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