Belzil, Christian; Hansen, Jörgen - 2002
We estimate a dynamic programming model of schooling decisions in which the degree of risk aversion can be inferred … homogeneous with respect to the degree of risk aversion. We allow endogenous schooling attainments to affect the level of risk … schooling attainments. We find that a counterfactual increase in risk aversion will increase schooling attainments. Finally, the …