A note on pessimism in education and its economic consequences

Karol Mazur

The Journal of Economic Inequality, 2021, vol. 19, issue 4, No 8, 773-783

Abstract: Abstract Investigating interaction of the lumpy nature of educational investments and informational frictions on returns to and costs of education, I show that pessimistic beliefs can be self-confirmed in equilibrium. Among some of its consequences, I argue that the commonly pursued research methods may not always identify the true underlying skill distributions.

Keywords: Human capital; Education; Self-confirming equilibrium; Beliefs; Pessimism (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/s10888-021-09486-7

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