Student Uncertainty and Major Choice
AbstractThis paper examines how model uncertainty affects students' choice of major. To account for this uncertainty, the students apply a max-min operator to their optimization problem. We show analytically that greater uncertainty in a particular major causes the student to be less likely to choose that major and that greater uncertainty across all majors causes fewer students to major in science, technology, engineering, and math. To test the model's assumptions and predictions, we have conducted a novel survey of college freshmen. The results from this survey are consistent with assumptions and implications of the theoretical model.
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Bibliographic InfoPaper provided by College of the Holy Cross, Department of Economics in its series Working Papers with number 1301.
Length: 28 pages
Date of creation: Feb 2013
Date of revision:
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Web page: http://www.holycross.edu/departments/economics/website/
More information through EDIRC
Major choice; model uncertainty; STEM;
Find related papers by JEL classification:
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- I23 - Health, Education, and Welfare - - Education - - - Higher Education and Research Institutions
- J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
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