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Human Capital Investment and Labor Supply under Uncertainty

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Author Info
Snow, Arthur
Warren, Ronald S, Jr

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Abstract

The authors extend the theory of human capital investment under uncertainty by incorporating postinvestment labor supply as a choice variable. They show that human capital investment decreases in response to an increase in risk about its return if such investment is an inferior activity and preferences exhibit decreasing risk aversion. However, if investment is normal, then the effect of an increase in risk is indeterminate. These results highlight the importance of obtaining empirical evidence on the income elasticity of demand for human capital investment for arriving at refutable hypotheses about the effect of risk. Copyright 1990 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Publisher Info
Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 31 (1990)
Issue (Month): 1 (February)
Pages: 195-206
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Handle: RePEc:ier:iecrev:v:31:y:1990:i:1:p:195-206

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  1. Jorge Durán & Alexandra Rillaers, 2002. "Physical And Human Capital Investment: Relative Substitutes In The Endogenous Growth Process," Working Papers. Serie AD 2002-18, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  2. Park, Timothy A. & Lohr, Luanne, 2001. "Management Strategies And Human Capital Investments By Organic Producers," 2001 Annual meeting, August 5-8, Chicago, IL 20708, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  3. Luis Diaz-Serrano & J. Hartog, 2004. "Is there a Risk-Return Trade-off across Occupations? Evidence from Spain," Economics, Finance and Accounting Department Working Paper Series n1441004, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth. [Downloadable!]
  4. Diaz-Serrano, Luis & Hartog, Joop, 2004. "Is There a Risk-Return Trade-Off across Occupations? Evidence from Spain," IZA Discussion Papers 1355, Institute for the Study of Labor (IZA). [Downloadable!]
  5. Christiansen, Charlotte & Nielsen, Helena Skyt, 2003. "The Educational Asset Market: A Finance Perspective on Human Capital Investment," Finance Working Papers 02-9, University of Aarhus, Aarhus School of Business, Department of Business Studies. [Downloadable!]
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  6. Duran, Jorge & Rillaers, Alexandra, 2001. "Idiosyncratic risk, investment in human capital, and growth," CEPREMAP Working Papers (Couverture Orange) 0104, CEPREMAP. [Downloadable!]
  7. Rillaers, Alexandra, 1999. "Education and Income Inequality: The Role of a Social Protection System," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1999017, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
  8. Kreider, Brent, 2005. "Optimal Wage Taxation When Human Capital and Employment Are Endogenous," Staff General Research Papers 12358, Iowa State University, Department of Economics.
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