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Growth and Human Capital Accumulation under Uncertainty

  • Rillaers, Alexandra

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

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    The aim of this paper is to understand the role of uncertainty in education choices and therefore in growth. We consider an overlapping generations model in which endogenous growth is introduced through human capital accumulation. We introduce uncertainty as to the individual returns to educational investment, and we assume markets to be incomplete. We study the effect of this uncertainty on the behavior of the risk averse individual regarding his effort in education. The analysis is carried out within a general equilibrium approach.

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    File URL: http://sites.uclouvain.be/econ/DP/IRES/9820.pdf
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    Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) with number 1998020.

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    Length: 26
    Date of creation: 01 Sep 1998
    Date of revision:
    Handle: RePEc:ctl:louvir:1998020
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    1. Kodde, David A, 1986. "Uncertainty and the Demand for Education," The Review of Economics and Statistics, MIT Press, vol. 68(3), pages 460-67, August.
    2. Gary S. Becker, 1962. "Investment in Human Capital: A Theoretical Analysis," Journal of Political Economy, University of Chicago Press, vol. 70, pages 9.
    3. de la Croix, David, 2001. "Growth dynamics and education spending: The role of inherited tastes and abilities," European Economic Review, Elsevier, vol. 45(8), pages 1415-1438, August.
    4. 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.
    5. Theodore W. Schultz, 1960. "Capital Formation by Education," Journal of Political Economy, University of Chicago Press, vol. 68, pages 571.
    6. 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.
    7. Lucas, Robert E, Jr, 1990. "Supply-Side Economics: An Analytical Review," Oxford Economic Papers, Oxford University Press, vol. 42(2), pages 293-316, April.
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