Uncertainty, education, and the school-to-work transition: theory and evidence from Brazil
This paper develops a model of investment in education and school-to-work transition under uncertainty. The main predictions of the model are tested for Brazilian households using PNAD data. Increased uncertainty on labour market outcomes is shown to be associated with higher levels of schooling by young people, consistent with a real options approach to education as an investment.
|Date of creation:||Apr 2008|
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