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Evaluation of economic consequences of the choice of educational field in modern Russian conditions

Author

Listed:
  • Melnikov, Roman

    () (Russian Presidential Academy of National Economy and Public Administration, Moscow, Russian Federation;)

Abstract

The author reveals the efficient choices of fields of professional education by criteria of expected return and risk and studies the nonmaterial consequences of educational investments in modern Russian conditions. The risk indicators of educational investments reflecting the labor income volatility and the probability of earning unacceptably low incomes are estimated. The advantages of obtaining a degree in the field of computer science are demonstrated.

Suggested Citation

  • Melnikov, Roman, 2018. "Evaluation of economic consequences of the choice of educational field in modern Russian conditions," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 49, pages 30-56.
  • Handle: RePEc:ris:apltrx:0336
    as

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    References listed on IDEAS

    as
    1. Gary S. Becker, 1962. "Investment in Human Capital: A Theoretical Analysis," Journal of Political Economy, University of Chicago Press, vol. 70, pages 1-9.
    2. Denisova, Irina & Kartseva, Marina, 2007. "A Premium for a Degree in Engineering: An Estimation of Returns to the Field-Specific Education in Russia," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 5(1), pages 30-57.
    3. Jacob Mincer, 1989. "Human Capital Responses to Technological Change in the Labor Market," NBER Working Papers 3207, National Bureau of Economic Research, Inc.
    4. François Bourguignon & Martin Fournier & Marc Gurgand, 2007. "Selection Bias Corrections Based On The Multinomial Logit Model: Monte Carlo Comparisons," Journal of Economic Surveys, Wiley Blackwell, vol. 21(1), pages 174-205, February.
    5. Groot, Wim & Verberne, Maartje, 1997. "Aging, Job Mobility, and Compensation," Oxford Economic Papers, Oxford University Press, vol. 49(3), pages 380-403, July.
    6. Christiansen, Charlotte & Joensen, Juanna Schroter & Nielsen, Helena Skyt, 2007. "The risk-return trade-off in human capital investment," Labour Economics, Elsevier, vol. 14(6), pages 971-986, December.
    7. Glocker, Daniela & Storck, Johanna, 2014. "Risks and returns to educational fields – A financial asset approach to vocational and academic education," Economics of Education Review, Elsevier, vol. 42(C), pages 109-129.
    8. Lee, Lung-Fei, 1983. "Generalized Econometric Models with Selectivity," Econometrica, Econometric Society, vol. 51(2), pages 507-512, March.
    9. V. Rudakov & I. Chirikov & S. Roshchin & D. Drozhzhina., 2017. "The impact of academic achievement on starting wages of Russian university graduates," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 3.
    10. Ignacio Palacios-Huerta, 2003. "An Empirical Analysis of the Risk Properties of Human Capital Returns," American Economic Review, American Economic Association, vol. 93(3), pages 948-964, June.
    11. Jacob Mincer, 1958. "Investment in Human Capital and Personal Income Distribution," Journal of Political Economy, University of Chicago Press, vol. 66, pages 281-281.
    12. Card, David, 2001. "Estimating the Return to Schooling: Progress on Some Persistent Econometric Problems," Econometrica, Econometric Society, vol. 69(5), pages 1127-1160, September.
    13. Ilya Prakhov, 2017. "Determinants of Expected Return on Higher Education in Moscow," Educational Studies, Higher School of Economics, issue 1, pages 25-57.
    14. Michael Spence, 1973. "Job Market Signaling," The Quarterly Journal of Economics, Oxford University Press, vol. 87(3), pages 355-374.
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    More about this item

    Keywords

    choice of educational field; human capital investment risks; return on higher and secondary vocational education; nonmaterial aspects of professional activity.;

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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