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A Dynamic Model of Personality, Schooling, and Occupational Choice

Author

Listed:
  • Todd, P.
  • Zhang, W.

Abstract

This paper develops a dynamic model of schooling and occupational choices that incorporates personality traits, as measured by the so-called “big five” traits. The model is estimated using the HILDA dataset from Australia. Personality traits are found to play an important role in explaining education and occupation choices over the lifecycle. Results show that individuals with a comparative advantage in schooling and white-collar work have, on average, higher cognitive skills and higher personality trait scores. Allowing personality traits to evolve with age and with schooling proves to be important to capturing the heterogeneity in how people respond to educational policies. The estimated model is used to evaluate two education policies: compulsory senior secondary school and a 50% college tuition subsidy. Both policies are effective in increasing educational attainment. They also affect personality traits.

Suggested Citation

  • Todd, P. & Zhang, W., 2019. "A Dynamic Model of Personality, Schooling, and Occupational Choice," Cambridge Working Papers in Economics 1912, Faculty of Economics, University of Cambridge.
    • Handle: RePEc:cam:camdae:1912
    Note: wz301
    as

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    JEL classification:

    • C54 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Quantitative Policy Modeling
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • I24 - Health, Education, and Welfare - - Education - - - Education and Inequality
    • I28 - Health, Education, and Welfare - - Education - - - Government Policy

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