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Human Capital, Uncertain Wage Distributions, and Educational and Occupational Choices

Author

Listed:
  • Mattila, J. Peter
  • Orazem, Peter

Abstract

This study develops a model of occupational and educational choices. Individuals are assumed to choose careers based on expected utility maximization, given uncertainty concerning future earnings. The model directly leads to estimable equations relating career choices to the moments of occupational earnings distributions. The authors report maximum likelihood estimates using a sample of high school graduates from Maryland school districts, 1951-69. The eight observed career choices respond as expected to the first and second moments of the earnings distribution and to a measure of school quality. Reasonable estimates of human capital production and supply elasticities are obtained for the career choices.

Suggested Citation

  • Mattila, J. Peter & Orazem, Peter, 1991. "Human Capital, Uncertain Wage Distributions, and Educational and Occupational Choices," Staff General Research Papers Archive 10841, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genres:10841
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    Cited by:

    1. Roger D. Congleton, 2002. "Risk-Averse Taxpayers and the Allocation of Tax Enforcement Effort: Law Enforcement or Leviathan? Some Empirical Evidence," Public Finance Review, , vol. 30(5), pages 456-476, September.
    2. Scott Drewianka, 2010. "Cross‐Sectional Variation In Individuals' Earnings Instability," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 56(2), pages 291-326, June.
    3. Yu, Li & Orazem, Peter F. & Jolly, Robert W., 2014. "Entrepreneurship over the business cycle," Economics Letters, Elsevier, vol. 122(2), pages 105-110.
    4. Konrad, Kai A. & Kovenock, Dan, 2012. "The lifeboat problem," European Economic Review, Elsevier, vol. 56(3), pages 552-559.
    5. Terrance M. Hurley & James B. Kliebenstein & Peter F. Orazem, 2000. "An Analysis of Occupational Health in Pork Production," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 82(2), pages 323-333.
    6. Felderer, Bernhard & Drost, André, 2000. "Cyclical Occupational Choice in a Model with Rational Wage Expectations and Perfect Occupational Mobility," Economics Series 81, Institute for Advanced Studies.
    7. Sjögren, Anna, 2000. "Redistribution, Occupational Choice and Intergenerational Mobility: Does Wage Equality Nail the Cobbler to His Last?," Working Paper Series 538, Research Institute of Industrial Economics.
    8. Polachek, Solomon W., 2008. "Earnings Over the Life Cycle: The Mincer Earnings Function and Its Applications," Foundations and Trends(R) in Microeconomics, now publishers, vol. 4(3), pages 165-272, April.
    9. repec:lan:wpaper:4484 is not listed on IDEAS
    10. Byung Park, 2010. "What matters to managerial knowledge acquisition in international joint ventures? High knowledge acquirers versus low knowledge acquirers," Asia Pacific Journal of Management, Springer, vol. 27(1), pages 55-79, March.
    11. Ham, Roger & Junankar, Pramod N. (Raja) & Wells, Robert, 2009. "Occupational Choice: Personality Matters," IZA Discussion Papers 4105, Institute of Labor Economics (IZA).
    12. Collard, Fabrice & Dellas, Harris, 1999. "Cyclical Risk, Sectoral Allocations and Growth," Journal of Macroeconomics, Elsevier, vol. 21(1), pages 125-134, January.
    13. repec:lan:wpaper:4789 is not listed on IDEAS
    14. Morris M. Kleiner & Robert T. Kudrle, 1992. "Do Tougher Licensing Provisions Limit Occupational Entry? The Case of Dentistry," NBER Working Papers 3984, National Bureau of Economic Research, Inc.
    15. Dellas, Harris & Koubi, Vally, 2003. "Business cycles and schooling," European Journal of Political Economy, Elsevier, vol. 19(4), pages 843-859, November.
    16. Sjögren, Anna, 1998. "The Effects of Redistribution on Occupational Choice and Intergenerational Mobility: Does Wage Equality Nail the Cobbler to His Last?," SSE/EFI Working Paper Series in Economics and Finance 239, Stockholm School of Economics.
    17. Ivan A. Borisov, 2021. "Agricultural personnel and rural labour: How is their reproduction related?," Journal of New Economy, Ural State University of Economics, vol. 22(3), pages 161-183, October.
    18. Wohlgemuth, Darin Ray, 1997. "Individual and aggregate demand for higher education: the role of strategic scholarships," ISU General Staff Papers 1997010108000012571, Iowa State University, Department of Economics.
    19. Sjögren, Anna, 2000. "Occupational Choice and Incentives: The Role of Family Background," Working Paper Series 539, Research Institute of Industrial Economics.
    20. Jasmina Behan & Mark O’ Brien, 2008. "Assessing the availability of off-farm employment and farmers’ training needs," Working Papers 0805, Rural Economy and Development Programme,Teagasc.
    21. repec:lan:wpaper:4356 is not listed on IDEAS
    22. Donald Jud & Daniel T. Winkler, 1999. "A Model of Real Estate Sales as a Career Choice," Journal of Real Estate Research, American Real Estate Society, vol. 18(3), pages 481-490.
    23. A Aggarwal & R Freguglia & G Johnes & G Spricigo, 2011. "Education and labour market outcomes : evidence from India," Working Papers 615663, Lancaster University Management School, Economics Department.
    24. Minicozzi, Alexandra, 2005. "The short term effect of educational debt on job decisions," Economics of Education Review, Elsevier, vol. 24(4), pages 417-430, August.
    25. repec:lan:wpaper:4355 is not listed on IDEAS

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