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A Macroeconomic Model of Ph.D. Enrollment with Income Risk and Non-Pecuniary Preferences

Author

Listed:
  • Airi Hayama

    (Graduate School of Economics, Keio University)

Abstract

Japan is experiencing a continuous decline in Ph.D. enrollment; Develops a dynamic heterogeneous-agent model with non-pecuniary preference; Heterogeneity in “academic taste†drives Ph.D. enrollment decisions; Ignoring this heterogeneity overestimates the effects of financial aid; Financial aid has a limited impact on Ph.D. enrollment

Suggested Citation

  • Airi Hayama, 2026. "A Macroeconomic Model of Ph.D. Enrollment with Income Risk and Non-Pecuniary Preferences," Keio-IES Discussion Paper Series DP2026-008, Institute for Economics Studies, Keio University.
    • Handle: RePEc:keo:dpaper:dp2026-008
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    File URL: https://ies.keio.ac.jp/upload/DP2026-008_EN.pdf
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    References listed on IDEAS

    as
    1. Roach, Michael & Sauermann, Henry, 2010. "A taste for science? PhD scientists' academic orientation and self-selection into research careers in industry," Research Policy, Elsevier, vol. 39(3), pages 422-434, April.
    2. Kane, Thomas J, 1994. "College Entry by Blacks since 1970: The Role of College Costs, Family Background, and the Returns to Education," Journal of Political Economy, University of Chicago Press, vol. 102(5), pages 878-911, October.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

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    JEL classification:

    • D15 - Microeconomics - - Household Behavior - - - Intertemporal Household Choice; Life Cycle Models and Saving
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
    • I23 - Health, Education, and Welfare - - Education - - - Higher Education; Research Institutions
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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