A Risk Augmented Mincer Earnings Equation? Taking Stock
We survey the literature on the Risk Augmented Mincer equation that seeks to estimate the compensation for uncertainty in the future wage to be earned after completing an education. There is wide empirical support for the predicted positive effect of wage variance and the negative effect of wage skew. We discuss robustness of the findings across specifications, potential bias from unobserved heterogeneity and selectivity and consider the core issue of students’ information on benefits from education.
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References listed on IDEAS
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- Flyer, Fredrick & Rosen, Sherwin, 1997.
"The New Economics of Teachers and Education,"
Journal of Labor Economics,
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- Flyer, F. & Rosen, S., 1994. "The New Economics of Teachers and Education," University of Chicago - Economics Research Center 94-1, Chicago - Economics Research Center.
- Frederick Flyer & Sherwin Rosen, 1994. "The New Economics of Teachers and Education," NBER Working Papers 4828, National Bureau of Economic Research, Inc.
- Frederick Flyer & Sherwin Rosen, 1994. "The New Economics of Teachers and Education," University of Chicago - George G. Stigler Center for Study of Economy and State 94, Chicago - Center for Study of Economy and State.
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- McKenzie, David & Gibson, John & Stillman, Steven, 2007. "A land of milk and honey with streets paved with gold : do emigrants have over-optimistic expectations about incomes abroad ?," Policy Research Working Paper Series 4141, The World Bank.
- David McKenzie & John Gibson & Steven Stillman, 2007. "A land of milk and honey with streets paved with gold: Do emigrants have over-optimistic expectations about incomes abroad?," CReAM Discussion Paper Series 0709, Centre for Research and Analysis of Migration (CReAM), Department of Economics, University College London.
- Tsiang, S C, 1972. "The Rationale of the Mean-Standard Deviation Analysis, Skewness Preference, and the Demand for Money," American Economic Review, American Economic Association, vol. 62(3), pages 354-371, June.
- Keane, Michael P & Wolpin, Kenneth I, 2001. "The Effect of Parental Transfers and Borrowing Constraints on Educational Attainment," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 42(4), pages 1051-1103, November. Full references (including those not matched with items on IDEAS)
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