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Growth and Human Capital Accumulation under Uncertainty

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Author Info
Rillaers, Alexandra () (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))
Abstract

The aim of this paper is to understand the role of uncertainty in education choices and therefore in growth. We consider an overlapping generations model in which endogenous growth is introduced through human capital accumulation. We introduce uncertainty as to the individual returns to educational investment, and we assume markets to be incomplete. We study the effect of this uncertainty on the behavior of the risk averse individual regarding his effort in education. The analysis is carried out within a general equilibrium approach.

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Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Discussion Paper with number 1998020.

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Length: 26
Date of creation: 23 Sep 1998
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Handle: RePEc:ctl:louvir:1998020

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Keywords: Human capital Growth Education Uncertainty Overlapping Generations Model

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Find related papers by JEL classification:
I29 - Health, Education, and Welfare - - Education - - - Other
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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  1. Williams, Joseph T, 1979. "Uncertainty and the Accumulation of Human Capital over the Life Cycle," Journal of Business, University of Chicago Press, vol. 52(4), pages 521-48, October. [Downloadable!] (restricted)
  2. Levhari, David & Weiss, Yoram, 1974. "The Effect of Risk on the Investment in Human Capital," American Economic Review, American Economic Association, vol. 64(6), pages 950-63, December. [Downloadable!] (restricted)
  3. Theodore W. Schultz, 1960. "Capital Formation by Education," Journal of Political Economy, University of Chicago Press, vol. 68, pages 571. [Downloadable!] (restricted)
  4. de la Croix, David, 1996. "Economic development and convergence clubs: the role of inherited tastes and human capital," Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Discussion Paper 1996024, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES), revised 00 Oct 1996. [Downloadable!]
  5. Lucas, Robert E, Jr, 1990. "Supply-Side Economics: An Analytical Review," Oxford Economic Papers, Oxford University Press, vol. 42(2), pages 293-316, April. [Downloadable!] (restricted)
  6. Kodde, David A, 1986. "Uncertainty and the Demand for Education," The Review of Economics and Statistics, MIT Press, vol. 68(3), pages 460-67, August. [Downloadable!] (restricted)
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  1. Cruz Angel Echevarría, 2003. "Life Expectancy, Schooling Time and Endogenous Growth," DFAEII Working Papers 200211, University of the Basque Country - Department of Foundations of Economic Analysis II. [Downloadable!]
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