Do Double Majors Face Less Risk? An Analysis of Human Capital Diversification

Andrew Hanks, Shengjun Jiang, Xuechao Qian, Bo Wang and Bruce Weinberg

No 32095, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We study how human capital diversification, in the form of double majoring, affects the response of earnings to labor market shocks. Double majors experience substantial protection against earnings shocks, of 56%. This finding holds across different model specifications and data sets. Furthermore, the protection double majors experience is more pronounced when the two majors are more distantly related, highlighting the importance of diverse skill sets. Additional analyses demonstrate that double majors are more likely to work in jobs that require a diverse set of skills and knowledge and are less likely to work in occupations that are closely related to their majors.

JEL-codes: D81 I23 J24 J30 (search for similar items in EconPapers)
Date: 2024-01
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