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Risk and Career Choice: Evidence from Turkey

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  • Asena Caner
  • Cagla Okten

Abstract

In this paper, we examine the college major choice decision in a risk and return framework using university entrance exam data from Turkey. Specifically we focus on the choice between majors with low income risk such as education and health and others with riskier income streams. We use a unique dataset that allows us to control for the choice set of students and parental attitudes towards risk. Our results show that father's income, self-employment status and social security status are important factors influencing an individual in choosing a riskier career such as business over a less risky one such as education or health.

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Bibliographic Info

Paper provided by TOBB University of Economics and Technology, Department of Economics in its series Working Papers with number 0803.

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Date of creation: Jul 2008
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Handle: RePEc:tob:wpaper:0803

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  1. Aysit Tansel, 1999. "Public-Private Employment Choice, Wage Differentials and Gender in Turkey," Working Papers 9913, Economic Research Forum, revised May 1999.
  2. Dohmen, Thomas & Falk, Armin & Huffman, David B. & Sunde, Uwe, 2006. "The Intergenerational Transmission of Risk and Trust Attitudes," IZA Discussion Papers 2380, Institute for the Study of Labor (IZA).
  3. Tansel, Aysit & Bircan, Fatma, 2005. "Effect of Private Tutoring on University Entrance Examination Performance in Turkey," IZA Discussion Papers 1609, Institute for the Study of Labor (IZA).
  4. Mark C. Berger, 1988. "Predicted future earnings and choice of college major," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 41(3), pages 418-429, April.
  5. Arcidiacono, Peter, 2004. "Ability sorting and the returns to college major," Journal of Econometrics, Elsevier, vol. 121(1-2), pages 343-375.
  6. Orley Ashenfelter & Alan Krueger, 1992. "Estimates of the Economic Return to Schooling from a New Sample of Twins," Working Papers 683, Princeton University, Department of Economics, Industrial Relations Section..
  7. Fiona Carmichael, 2000. "Intergenerational mobility and occupational status in Britain," Applied Economics Letters, Taylor & Francis Journals, vol. 7(6), pages 391-396.
  8. Williams, Joseph T, 1979. "Uncertainty and the Accumulation of Human Capital over the Life Cycle," The Journal of Business, University of Chicago Press, vol. 52(4), pages 521-48, October.
  9. Joshua Angrist & Alan Krueger, 1990. "Does Compulsory School Attendance Affect Schooling and Earnings?," Working Papers 653, Princeton University, Department of Economics, Industrial Relations Section..
  10. Nguyen, Anh & Getinet, Haile, 2003. "Intergenerational mobility in educational and occupational status: evidence from the U.S," MPRA Paper 1383, University Library of Munich, Germany.
  11. Liu, Jin-Tan & Chou, Shin-Yi & Liu, Jin-Long, 2006. "Asymmetries in progression in higher education in Taiwan: Parental education and income effects," Economics of Education Review, Elsevier, vol. 25(6), pages 647-658, December.
  12. Behrman, Jere R. & Ross, David & Sabot, Richard, 2008. "Improving quality versus increasing the quantity of schooling: Estimates of rates of return from rural Pakistan," Journal of Development Economics, Elsevier, vol. 85(1-2), pages 94-104, February.
  13. Tansel, Aysit, 1994. "Wage employment, earnings and returns to schooling for men and women in Turkey," Economics of Education Review, Elsevier, vol. 13(4), pages 305-320.
  14. Boskin, Michael J, 1974. "A Conditional Logit Model of Occupational Choice," Journal of Political Economy, University of Chicago Press, vol. 82(2), pages 389-98, Part I, M.
  15. 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.
  16. Levy, Haim, 1994. "Absolute and Relative Risk Aversion: An Experimental Study," Journal of Risk and Uncertainty, Springer, vol. 8(3), pages 289-307, May.
  17. Evans, David S & Leighton, Linda S, 1989. "Some Empirical Aspects of Entrepreneurship," American Economic Review, American Economic Association, vol. 79(3), pages 519-35, June.
  18. Saks Raven E & Shore Stephen H, 2005. "Risk and Career Choice," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 5(1), pages 1-45, October.
  19. Dunn, Thomas & Holtz-Eakin, Douglas, 2000. "Financial Capital, Human Capital, and the Transition to Self-Employment: Evidence from Intergenerational Links," Journal of Labor Economics, University of Chicago Press, vol. 18(2), pages 282-305, April.
  20. Jianakoplos, Nancy Ammon & Bernasek, Alexandra, 1998. "Are Women More Risk Averse?," Economic Inquiry, Western Economic Association International, vol. 36(4), pages 620-30, October.
  21. Tansel, Aysit, 2002. "Determinants of school attainment of boys and girls in Turkey: individual, household and community factors," Economics of Education Review, Elsevier, vol. 21(5), pages 455-470, October.
  22. Thomas Dunn & Douglas Holtz-Eakin, 1996. "Financial Capital, Human Capital, and the Transition to Self-Employment:Evidence from Intergenerational Links," NBER Working Papers 5622, National Bureau of Economic Research, Inc.
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Citations

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Cited by:
  1. Verena Jung & Sascha L. Schmidt & Benno Torgler, 2012. "Antecedents of Attitudes Towards Risky Career Choices," CREMA Working Paper Series 2012-20, Center for Research in Economics, Management and the Arts (CREMA).
  2. Verónica Frisancho & Kala Krishna & Sergey Lychagin & Cemile Yavas, 2013. "Better Luck Next Time: Learning Through Retaking," NBER Working Papers 19663, National Bureau of Economic Research, Inc.
  3. Maria De Paola & Francesca Gioia, 2011. "Risk Aversion And Major Choice: Evidence From Italian Students," Working Papers 201107, Università della Calabria, Dipartimento di Economia, Statistica e Finanza (Ex Dipartimento di Economia e Statistica).
  4. Caner, Asena & Okten, Cagla, 2012. "Higher Education in Turkey: Subsidizing the Rich or the Poor?," IZA Discussion Papers 7011, Institute for the Study of Labor (IZA).
  5. Goldbach, Stefan, 2012. "Innovation and Education: Is there a ‘Nerd Effect’?," Darmstadt Discussion Papers in Economics 56008, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute of Economics (VWL).
  6. Maestri, Virginia, 2013. "Promoting scientific faculties: Does it work? Evidence from Italy," Economics of Education Review, Elsevier, vol. 32(C), pages 168-180.
  7. De Paola, Maria & Gioia, Francesca, 2013. "Does Patience Matter for Marriage Stability? Some Evidence from Italy," IZA Discussion Papers 7769, Institute for the Study of Labor (IZA).

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