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Human Capital Investment with Competitive Labor Search Author info | Abstract | Publisher info | Download info | Related research | Statistics Kaas, Leo () (University of Konstanz)
Zink, Stefan () (University of Konstanz)
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We study human capital accumulation in an environment of competitive search. Given that unemployed workers can default on their education loans, skilled individuals with a larger debt burden prefer riskier but better paid careers than is socially desirable. A higher level of employment risk in turn depresses the skill premium and the incentives to invest in education. The equilibrium allocation is characterized by too much unemployment, underinvestment by the poor, and too little investment in skill-intensive technologies. A public education system funded by graduate taxes can restore efficiency. More generally, differences in education funding can account for cross-country variations in wage inequality.
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Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number
3722.
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Length: 36 pages
Date of creation: Sep 2008Date of revision:
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Keywords: directed search ; investment ; education finance ; Find related papers by JEL classification: I22 - Health, Education, and Welfare - - Education - - - Educational Finance J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Lans Bovenberg, A. & Jacobs, Bas, 2005.
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CEPR Discussion Papers
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Other versions:
Manolis Galenianos & Philipp Kircher, 2005.
"Directed Search with Multiple Job Applications ,"
PIER Working Paper Archive
05-022, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
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"Directed search with multiple job applications ,"
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The Quarterly Journal of Economics ,
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"Efficiency of Simultaneous Search ,"
PIER Working Paper Archive
08-004, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
[Downloadable!]
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