This paper develops a model of investment in education and school-to work transition under uncertainty. The main predictions of the model are tested for Brazilian households using Pesquisa Nacional por Amostragem a Domicilio (PNAD) data. Increased uncertainty on labor market outcomes is shown to be associated with higher levels of schooling by young people, consistent with a real options approach to education as an investment.
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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2008/04/01
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Рабочие документы
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43938
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1
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1
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2010/07/01
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Disclosed
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Uncertainty, education, and the school-to-work transition : theory and evidence from Brazil
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labour market