Developing an OLG Model with Heterogeneous Preferences and Learning Abilities for Higher Education Policy Analysis

Angelina Shpilevaya, Andrey Polbin and Sergey Sinelnikov-Murylev
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Angelina Shpilevaya: The Ye.T. Gaidar Institute for Economic Policy, Moscow, Russia
Sergey Sinelnikov-Murylev: Russian Foreign Trade Academy, Moscow, Russia

HSE Economic Journal, 2023, vol. 27, issue 3, 449–469

Abstract: This paper proposes a model of overlapping generations with heterogeneous preferences and higher education sector for a representative country where the Unified State Examination (USE) is taken. Unlike other models that study the accumulation of human capital based on the assumption of homogeneity of the parameters of individuals' preferences, in the proposed model heterogeneity is introduced when describing the abilities of individuals, approximated by Unified State Exam scores, risk aversion and intertemporal discounting under conditions of uncertainty. The purpose of this work is to develop and construct a model on which a methodology for as ses-sing strategies (rather than specific options) for the development of the education system can be based in the ideology of general equilibrium models. This article has developed an apparatus for analyzing strategies for the development of the education sector, which can be refined and finalized to analyze specific detailed options for transformations in the field of education.

Keywords: overlapping generations model; human capital; risk aversion; heterogeneity; uncertainty; higher education (search for similar items in EconPapers)
JEL-codes: E24 E27 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:hig:ecohse:2023:3:6

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