Caliendo, Marco; Cobb-Clark, Deborah A.; Obst, Cosima; … - 2020
We analyze workers' risk preferences and training investments. Our conceptual framework differentiates between the … investment risk and insurance mechanisms underpinning training decisions. Investment risk leads risk-averse workers to train less …; they undertake more training if it insures them against future losses. We use the German Socio-Economic Panel (SOEP) to …