Optimal investment in human capital under migration uncertainty

Baran Siyahhan and Hamed Ghoddusi

Review of International Economics, 2022, vol. 30, issue 2, 422-449

Abstract: This paper develops a model of optimal education investment under uncertainty for an agent with an emigration option. We distinguish between local (country‐specific) and global human capital and analyze the role of migration opportunities in human capital accumulation of different types. The analysis shows that human capital accumulation depends on the level of uncertainty and the transferability of human capital across countries. Allowing for human capital investment in the destination country and easier transferability of both local and global human capital exacerbate brain drain.

Date: 2022
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