Caliendo, Marco; Cobb-Clark, Deborah A.; Obst, Cosima; … - 2021
We analyze workers' risk preferences and training investments. Our conceptual frame- work differentiates between the … investment risk and insurance mechanisms underpin- ning training decisions. Investment risk leads risk-averse workers to train …) to demonstrate that risk affinity is associated with more training, implying that, on average, investment risks dominate …