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New Age, New Learners, New Skills: What Skills Do Graduates Need to Succeed in the New Economy?

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  • Noel, Jay E.
  • Qenani, Eivis
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    Abstract

    The goal of this study was to improve the current understanding of labor market demands for various skills and attributes of college graduates. Changes such as globalization, technological advancements and the emergence of the knowledge economy have caused educational institutions to focus their attention in revising and redesigning their curriculum. The timely identification and the effective response to these changes requires that higher education revisits the issue of the set of skills essential to the economy and the labor market, and the best ways to transfer them to college graduates. A choice-based conjoint experiment was used to identify labor market preferences for college graduate attributes. A web survey with employers in the food and fiber industry was carried out during the months of September 2011-April 2012. Using an experimental design, hypothetical candidate profiles were created and used in an interactive conjoint survey. Hierarchical Bayesian method was used to estimate marginal utilities for college graduate attributes. Results of the study indicate that there has been a shift in the needs for skills in the labor market. New skills, such as creativity are emerging as important attributes to the knowledge economy.

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    Bibliographic Info

    Paper provided by Agricultural and Applied Economics Association in its series 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington with number 123948.

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    Date of creation: 2012
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    Handle: RePEc:ags:aaea12:123948

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    Related research

    Keywords: Graduate Attributes; Creativity; Hierarchical Bayesian; Conjoint Analysis; Agribusiness; Institutional and Behavioral Economics; Labor and Human Capital; Teaching/Communication/Extension/Profession;

    This paper has been announced in the following NEP Reports:

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    1. Jayson L. Lusk & Ted C. Schroeder, 2004. "Are Choice Experiments Incentive Compatible? A Test with Quality Differentiated Beef Steaks," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 86(2), pages 467-482.
    2. McFadden, Daniel L., 2000. "Economic Choices," Nobel Prize in Economics documents 2000-6, Nobel Prize Committee.
    3. Wiktor Adamowicz & Peter Boxall & Michael Williams & Jordan Louviere, 1998. "Stated Preference Approaches for Measuring Passive Use Values: Choice Experiments and Contingent Valuation," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(1), pages 64-75.
    4. Jayson L. Lusk & F. Bailey Norwood, 2005. "Effect of Experimental Design on Choice-Based Conjoint Valuation Estimates," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 87(3), pages 771-785.
    5. World Bank, 2002. "Constructing Knowledge Societies : New Challenges for Tertiary Education," World Bank Publications, The World Bank, number 15224, January.
    6. Lusk, Jayson L. & Roosen, Jutta & Fox, John A., 2001. "Demand For Beef From Cattle Administered Growth Hormones Or Fed Genetically Modified Corn: A Comparison Of Consumers In France, Germany, The United Kingdom, And The United States," 2001 Annual meeting, August 5-8, Chicago, IL 20684, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    7. Borghans, Lex & Green, Francis & Mayhew, Ken, 2001. "Skills Measurement and Economic Analysis: An Introduction," Oxford Economic Papers, Oxford University Press, vol. 53(3), pages 375-84, July.
    8. Andrew P. Barkley & Cynthia K. Sylvius & Wendy A. Stock, 1999. "Agricultural Graduate Earnings: The Impacts of College, Career, and Gender," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(4), pages 785-800.
    9. F. Bailey Norwood & Shida Rastegari Henneberry, 2006. "Show Me the Money! The Value of College Graduate Attributes as Expressed by Employers and Perceived by Students," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(2), pages 484-498.
    10. Scott J. Savage & Donald M. Waldman, 2008. "Learning and fatigue during choice experiments: a comparison of online and mail survey modes," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 23(3), pages 351-371.
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