Education Choice under Uncertainty

Vincent Hogan () and Ian Walker ()

No 103, Royal Economic Society Annual Conference 2002 from Royal Economic Society

Abstract: We apply the theory of real options to the problem of education choice when returns to education are uncertain. We show that the length of time spent in school will be an increasing function of the risk associated with education and not just the expected return. This fact has been neglected in much of the empirical literature on education.

Date: 2002-08-29
New Economics Papers: this item is included in nep-ltv
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