Absolute Risk Aversion and the Returns to Education
Individual absolute risk aversion is measured for a sample of 1373 male household heads, using the 1995 wave of the Survey on the Income and Wealth of Italian households. This measure, conditional on financial and real wealth and household income, is used as an instrument for attained education in a standard log earnings equation. I find that, in line with the literature, the gap between IV and OLS estimates of the returns to education is large.
|Date of creation:||Aug 2000|
|Publication status:||published in: Economics of Education Review, 2002, 21(6), 635-640|
|Contact details of provider:|| Postal: IZA, P.O. Box 7240, D-53072 Bonn, Germany|
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- Robert B. Barsky & F. Thomas Juster & Miles S. Kimball & Matthew D. Shapiro, 1997. "Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Study," The Quarterly Journal of Economics, Oxford University Press, vol. 112(2), pages 537-579. Full references (including those not matched with items on IDEAS)
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