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A THEORY OF THE LIFE TIME ALLOCATION OF TIME
THE LIFE TIME PATTERN OF THE TYPICAL SCIENTIST
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ability academic academic degree acquire amount of education assumed assumption average rate Biology Chapter choices of employer coefficient of variation consider Doctor of Philosophy dummy variable earning power Earth Sciences Mathematics educa education of type educational institutions entrants estimate expect experience and education fL(t full-time students Graduate Record Examination held constant higher hypothesis income distribution Incomes and Starting increase individual's interest rate interval investment in education Investment in Schooling level of education life-time earnings lognormal distribution M.A. degree marginal and average marginal rate maximize mean income monetary National Register never optimal observed choices occupational choice OOO ooo oooo ooooooooo ooooooooo opportunity costs part-time student Ph.D present value Psychology rate of return regression coefficient relative pay return for education risk scientific fields Section Social Sciences Engineering specific Starting Salaries switching Table Theorem tion tQ,T type of employment typical scientist utility function variables wage function