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Investments in human capital, wage uncertainty, and public policy

In English

Författare

Summary, in English

The importance of risk characteristics of human capital for the design of tax and education policy is explored. Wages are uncertain and education, while increasing the expected wage, may increase or decrease wage variance. The government has strong reasons to encourage human capital formation in the latter case, partly due to the insurance effect of human capital, and partly due to the way the individuals-under a plausible restriction on 'prudence'-respond to changes in risk. The analysis is illustrated using two models of education: one where education helps the individuals make better occupational choices, and a standard risk-augmented Becker-type model.

Publiceringsår

2003

Språk

Engelska

Sidor

1521-1537

Publikation/Tidskrift/Serie

Journal of Public Economics

Volym

87

Issue

7-8

Dokumenttyp

Artikel i tidskrift

Förlag

Elsevier

Ämne

  • Economics

Nyckelord

  • prudence
  • wage uncertainty
  • social insurance
  • education

Status

Published

ISBN/ISSN/Övrigt

  • ISSN: 0047-2727