Education Choice under Uncertainty
AbstractWe apply the theory of real options to the problem of education choice when returns to education are uncertain. We show that the length of time spent in school will be an increasing function of the risk associated with education and not just the expected return. This fact has been neglected in much of the empirical literature on education.
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Bibliographic InfoPaper provided by Royal Economic Society in its series Royal Economic Society Annual Conference 2002 with number 103.
Date of creation: 29 Aug 2002
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