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

Airi Hayama
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Airi Hayama: Graduate School of Economics, Keio University

No DP2026-008, Keio-IES Discussion Paper Series from Institute for Economics Studies, 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

Keywords: Ph.D. Enrollment; Heterogeneous-Agent Macroeconomic Model; Non-Pecuniary Preferences; Human Capital; Financial Aid; Income Risk (search for similar items in EconPapers)
JEL-codes: D15 E24 I22 I23 J24 (search for similar items in EconPapers)
Pages: 44 pages
Date: 2026-04-24
New Economics Papers: this item is included in nep-dge and nep-lma
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