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Human Capital, Uncertain Wage Distributions, and Occupational and Educational Choices

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Author Info
Orazem, Peter F
Mattila, J Peter

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Abstract

This study develops a model of occupational and educational choices. Individuals are assumed to choose careers based on expected utility maximization, given uncertainty concerning future earnings. The model directly leads to estimable equations relating career choices to the moments of occupational earnings distributions. The authors report maximum likelihood estimates using a sample of high school graduates from Maryland school districts, 1951-69. The eight observed career choices respond as expected to the first and second moments of the earnings distribution and to a measure of school quality. Reasonable estimates of human capital production and supply elasticities are obtained for the career choices. Copyright 1991 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): 32 (1991)
Issue (Month): 1 (February)
Pages: 103-22
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Handle: RePEc:ier:iecrev:v:32:y:1991:i:1:p:103-22

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  1. Dellas, Harris & Sakellaris, Plutarchos, 1996. "On the cyclicality of schooling: Theory and evidence," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1997002, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
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  2. Morris M. Kleiner & Robert T. Kudrle, 1992. "Do Tougher Licensing Provisions Limit Occupational Entry? The Case of Dentistry," NBER Working Papers 3984, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Sjögren, Anna, 1998. "The Effects of Redistribution on Occupational Choice and Intergenerational Mobility: Does Wage Equality Nail the Cobbler to His Last?," Working Paper Series in Economics and Finance 239, Stockholm School of Economics. [Downloadable!]
  4. Sjögren, Anna, 2000. "Occupational Choice and Incentives: The Role of Family Background," Working Paper Series 539, Research Institute of Industrial Economics. [Downloadable!]
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  5. Donald Jud & Daniel T. Winkler, 1999. "A Model of Real Estate Sales as a Career Choice," Journal of Real Estate Research, American Real Estate Society, vol. 18(3), pages 481-490. [Downloadable!]
  6. Hurley, Terrance M. & Kliebenstein, James B. & Orazem, Peter F., 2000. "An Analysis of Occupational Health in Pork Production," Staff General Research Papers 1843, Iowa State University, Department of Economics. [Downloadable!]
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  7. Ham, Roger & Junankar, Pramod N. (Raja) & Wells, Robert, 2009. "Occupational Choice: Personality Matters," IZA Discussion Papers 4105, Institute for the Study of Labor (IZA). [Downloadable!]
  8. Sjögren, Anna, 2000. "Redistribution, Occupational Choice and Intergenerational Mobility: Does Wage Equality Nail the Cobbler to His Last?," Working Paper Series 538, Research Institute of Industrial Economics. [Downloadable!]
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