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A Regime Switching Model of Schooling Choice as a Job Search Process

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  • Yong Hyun Shin
  • Ho-Seok Lee

Abstract

We propose a regime switching model of schooling choice as a job search process. We adopt a two‐state Markov process and the derived coupled Bellman equations are solved by seeking the root of an auxiliary algebraic equation. Some numerical examples are also considered.

Suggested Citation

  • Yong Hyun Shin & Ho-Seok Lee, 2015. "A Regime Switching Model of Schooling Choice as a Job Search Process," Advances in Mathematical Physics, John Wiley & Sons, vol. 2015(1).
    • Handle: RePEc:wly:jnlamp:v:2015:y:2015:i:1:n:475279
    DOI: 10.1155/2015/475279
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    References listed on IDEAS

    as
    1. Fan, Chengze, 1993. "Schooling as a job search process," Economics Letters, Elsevier, vol. 41(1), pages 85-91.
    2. Avinash K. Dixit & Robert S. Pindyck, 1994. "Investment under Uncertainty," Economics Books, Princeton University Press, edition 1, number 5474, December.
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