کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
972458 932599 2007 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Real options and human capital investment
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Real options and human capital investment
چکیده انگلیسی

This paper extends the standard human capital model with real options. Real options influence investment behavior when risky investments in human capital are irreversible and individuals can affect the timing of the investment. Option values make individuals more reluctant to invest in human capital and, as a result, required returns on the investment increase. Real options may help to explain a larger human capital premium for higher education, smaller responsiveness of higher educational investments to financial incentives, and larger sensitivity of higher educational investments to low-return outcomes and human capital risks. Higher tax rates (or lower subsidies) depress human capital investments, but to a lesser extent than in the standard human capital model if not all direct costs are tax-deductible. A flat income tax remains neutral if education expenditures are fully deductible.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Labour Economics - Volume 14, Issue 6, December 2007, Pages 913–925
نویسندگان
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