Stepping Stone and Option Value in a Model of Postsecondary Education
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چکیده
منابع مشابه
Supplement to “ Stepping stone and option value in a model of postsecondary education ”
Several studies claimed that there is underinvestment in education. Judd (2000) combines Capital Asset Pricing Model (CAPM) techniques with the indivisibility of human capital to compare the return to four-year college graduation with assets of similar risk to find an excess of return to the college investment option. Heckman, Lochner, and Todd (2008) evaluate the internal rate of return of the...
متن کاملStepping stone and option value in a model of postsecondary education
A stepping stone arises in risky environments with learning and transferrable human capital. An example is the role played by academic two-year colleges in postsecondary education: Students, as they learn about the uncertain educational outcomes, can drop out or transfer up to harder and more rewarding schools, carrying a fraction of the accumulated human capital. A theory of education is built...
متن کاملOnline Appendix for Stepping Stone and Option Value in a Model of Postsecondary Education∗
* The views expressed in this article are mine and do not necessarily represent the views of the Federal Reserve Bank of Richmond or the Federal Reserve System.
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With the great advances in ancient DNA extraction, genetic data are now obtained from geographically separated individuals from both present and past. However, population genetics theory about the joint effect of space and time has not been thoroughly studied. Based on the classical stepping-stone model, we develop the theory of Isolation by distance and time. We derive the correlation of allel...
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In this paper we consider a stepping-stone model on a circle with circular Brownian migration. We first point out a connection between Arratia flow and the marginal distribution of this model. We then give a new representation for the stepping-stone model using Arratia flow and circular coalescing Brownian motion. Such a representation enables us to carry out some explicit computation. In parti...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2014
ISSN: 1556-5068
DOI: 10.2139/ssrn.2391875