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Developing an OLG Model with Heterogeneous Preferences and Learning Abilities for Higher Education Policy Analysis

Author

Listed:
  • Angelina Shpilevaya

    (The Ye.T. Gaidar Institute for Economic Policy, Moscow, Russia)

  • Andrey Polbin

    (Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia)

  • Sergey Sinelnikov-Murylev

    (Russian Foreign Trade Academy, Moscow, Russia)

Abstract

This paper proposes a model of overlapping generations with heterogeneous preferences and higher education sector for a representative country where the Unified State Examination (USE) is taken. Unlike other models that study the accumulation of human capital based on the assumption of homogeneity of the parameters of individuals' preferences, in the proposed model heterogeneity is introduced when describing the abilities of individuals, approximated by Unified State Exam scores, risk aversion and intertemporal discounting under conditions of uncertainty. The purpose of this work is to develop and construct a model on which a methodology for as ses-sing strategies (rather than specific options) for the development of the education system can be based in the ideology of general equilibrium models. This article has developed an apparatus for analyzing strategies for the development of the education sector, which can be refined and finalized to analyze specific detailed options for transformations in the field of education.

Suggested Citation

  • Angelina Shpilevaya & Andrey Polbin & Sergey Sinelnikov-Murylev, 2023. "Developing an OLG Model with Heterogeneous Preferences and Learning Abilities for Higher Education Policy Analysis," HSE Economic Journal, National Research University Higher School of Economics, vol. 27(3), pages 449-469.
    • Handle: RePEc:hig:ecohse:2023:3:6
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    More about this item

    Keywords

    overlapping generations model; human capital; risk aversion; heterogeneity; uncertainty; higher education;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications

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