The purpose of this paper is to provide a review of economic literature regarding theories that analyze the demand for higher education from a microeconomic perspective. Some of the noteworthy fundamental theories included in this review include Becker's (1983) theory of human capital and some...

This paper discuses the effect of the minimum wage on the decision to join the informal job sector. We estimated a pseudo panel of the engagement in the informal sector using an IV-probit. The findings show that an increase in the minimum wage leads to a substitution effect between young and...

We estimate a dynamic model of mortgage default for a cohort of Colombian debtors between 1997 and 2004. We use the estimated model to study the effects on default of a class of policies that affected the evolution of mortgage balances in Colombia during the 1990's. We propose a framework for...

This paper contains an empirical dynamic model of supply and demand in the market for digital cameras with endogenous product innovation. On the demand side, heterogeneous consumers time optimally the purchase of goods depending on the expected evolution of prices and characteristics of...

This article discusses regional labor segmentation using stochastic Markov chains. We present a formal model and derive preliminary results using the evolution of wages in Colombian urban areas. The results show that there was regional labor market segmentation in wages for university graduates...

This paper evaluates the performance of 17 different parametric and non-parametric specifications and high frequency data for Colombian exchange market index (IGBC). We model the variance of the 10-minute returns using GARCH-M and TGARCH models that take in account the leverage effect, the...

This paper reviews the main economic theories and international empirical applications that analyze demand for education. The document begins with a review of the theoretical background since the appearance of human capital theory proposed by Becker (1964), which made way to the emergence of the...

This paper analyzes the existence of intra-industry trade between Colombia and the United States, using the information of the CEPII BAC database for the period between 1995 and 2005. The relevance of establishing a measure of intra-industry trade flows between Colombia and the United States...