Standard economic models which focus on pecuniary payoffs cannot explain why there are highly able individuals who choose careers with low pecuniary returns. Therefore, financial incentives are unlikely to be effective in influencing career choices of these individuals. Based on Akerlof and...

Standard economic models which focus on pecuniary payoffs cannot explain why there are highly able individuals who choose careers with low pecuniary returns. Therefore, financial incentives are unlikely to be effective in influencing career choices of these individuals. Based on Akerlof and...

In this paper, the relationship between the school attendance decision and economic incentives is investigated using data from Zambia. A logit model for school attendance is estimated, and it is found that school attendance is not particularly sensitive to changes in costs, quality, or poverty....

In this paper, a variety of potentially explanatory indicators for child labor and school attendance in Zambia is scrutinized. By analysing the results from a bivariate probit model, new doubt is raised with regard to the income sensitivity of the child labor choice. Different factors in the...

In this paper we analyze investments in human capital assets in a way which is standard for financial assets, but not (yet) for human capital assets. We study mean-variance plots of human capital assets. We compare the properties of human capital returns using a performance measure and by using...