Absolute risk aversion and the returns to education
AbstractIndividual 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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Bibliographic InfoArticle provided by Elsevier in its journal Economics of Education Review.
Volume (Year): 21 (2002)
Issue (Month): 6 (December)
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Web page: http://www.elsevier.com/locate/econedurev
Other versions of this item:
- Brunello, Giorgio, 2000. "Absolute Risk Aversion and the Returns to Education," IZA Discussion Papers 192, Institute for the Study of Labor (IZA).
- J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
- J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Robert B. Barsky & Miles S. Kimball & F. Thomas Juster & Matthew D. Shapiro, 1997. "Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Survey," NBER Working Papers 5213, National Bureau of Economic Research, Inc.
- Brunello, Giorgio & Comi, Simona & Lucifora, Claudio, 2000. "The Returns to Education in Italy: A New Look at the Evidence," IZA Discussion Papers 130, Institute for the Study of Labor (IZA).
- Fersterer, Josef & Winter-Ebmer, Rudolf, 2003.
"Smoking, discount rates, and returns to education,"
Economics of Education Review,
Elsevier, vol. 22(6), pages 561-566, December.
- Fersterer, Josef & Winter-Ebmer, Rudolf, 2000. "Smoking, Discount Rates, and Returns to Education," IZA Discussion Papers 126, Institute for the Study of Labor (IZA).
- Josef Fersterer & Rudolf Winter-Ebmer, 2000. "Smoking, discount rates, and returns to education," Economics working papers 2000-02, Department of Economics, Johannes Kepler University Linz, Austria.
- Harmon, Colm & Walker, Ian, 1995. "Estimates of the Economic Return to Schooling for the United Kingdom," American Economic Review, American Economic Association, vol. 85(5), pages 1278-86, December.
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