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The relative risk aversion hypothesis of educational choice

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Author Info
Eskil Heinesen () (AKF, Institute of Local Government Studies, Nyropsgade 37, DK-1602 Copenhagen V, Denmark)
Richard Davies () (Centre for Applied Statistics, Lancaster University, Lancaster, LA1 4YW, UK)
Anders Holm () (Department of Sociology, University of Copenhagen, Linnésgade 22, DK-1361 Copenhagen K, Denmark)

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Abstract

Analysing young people's educational choices, we derive and test implications of a relative risk aversion hypothesis: that educational choices are made so as to minimize the risk of ending up with a lower level of education than one's parents. These implications are in general different from what one would expect from human capital theory. We use a unique data set which combines data from administrative registers on young people's pathways through the educational system and their family background with survey data on their academic abilities at lower secondary school. The evidence is partly in favour of the relative risk aversion hypothesis.

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Publisher Info
Article provided by Springer in its journal Journal of Population Economics.

Volume (Year): 15 (2002)
Issue (Month): 4 ()
Pages: 683-713
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Handle: RePEc:spr:jopoec:v:15:y:2002:i:4:p:683-713

Note: Received: 19 August 1999/Accepted: 10 January 2001
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Related research
Keywords: Educational choice; human capital; intergenerational mobility;

Find related papers by JEL classification:
I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
J62 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Job, Occupational and Intergenerational Mobility; Promotion

Cited by:
(explanations, 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.)

  1. Anders Holm & Mads Meier Jæger, 2005. "Relative Risk Aversion and Social Reproduction in Intergenerational Educational Attainment: Application of a Dynamic Discrete Choice Mode," CAM Working Papers 2006-04, University of Copenhagen. Department of Economics. Centre for Applied Microeconometrics. [Downloadable!]
  2. Mads Meier Jæger & Anders Holm, . "Intergenerational Educational Mobility in the Comprehensive Danish Welfare State: Testing the Primacy of Non-monetary Social Origin Effects," CAM Working Papers 2006-05, University of Copenhagen. Department of Economics. Centre for Applied Microeconometrics. [Downloadable!]
  3. James McIntosh & Martin Munk, 2007. "Scholastic ability vs family background in educational success: evidence from Danish sample survey data," Journal of Population Economics, Springer, vol. 20(1), pages 101-120, February. [Downloadable!] (restricted)
  4. Robert Erikson & John H. Goldthorpe, 2002. "Intergenerational Inequality: A Sociological Perspective," Journal of Economic Perspectives, American Economic Association, vol. 16(3), pages 31-44, Summer. [Downloadable!] (restricted)
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