Absolute risk aversion and the returns to education
IZA, 2000 - 10 pages
Individual absolute risk aversion is measured for a sample of 1373 male household heads, using the 1995 wave of the Survey on the Income and Wealth of Italian households. This measure, conditional on financial and real wealth and household income, is used as an instrument for attained education in a standard log earnings equation. I find that, in line with the literature, the gap between IV and OLS estimates of the returns to education is large.
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A. S. Kalwij absolute risk aversion Active Labor Market affect log earnings Analysis B. R. Chiswick Bonn Card cohort conditional on schooling correlated Dependent variable dummy East Germany educational attainment educational choice enrolling in college estimated returns Evaluation Evidence Guiso and Paiella hourly household income household wealth Human Capital Immigration Policy Impact Income and Wealth individual absolute risk individuals born instrument for schooling instrumental variables IZA Discussion Papers J. J. Dolado K. F. Zimmermann labor economics Laffont Lofstrom lottery Lucifora M. A. Shields male household heads marginal costs marginal utility maximum measure of absolute measurement error measures of wealth million lire Nobs occupational choice OLS estimates Ordered probit P-value Coefficient P-value Panel Data probit model R. A. Hart regression returns to education risk premium robust standard errors school reforms SHIW survey T. K. Bauer Table University of Padua valid instrument variable RISK variables affecting marginal Welfare Winter-Ebmer