Education Choice under Uncertainty and Public Policy

We analyse how progressive taxation and education subsidies affect schooling deci- sions when the returns to education are stochastic. We use the theory of real options to solve the problem of education choice in a dynamic, life-cycle consistent, stochastic model. We show that education attainment will be an increasing function of the risk associated with education. Furthermore, this result holds whether or not agents can borrow in order to pay for education and regardless of the degree of risk aversion. We also examine the link between consumption over the life-cycle and education choice to show that higher initial wealth will usually - but not always - have a positive effect on education attainment. Finally we show that progressive taxes will tend to reduce education attainment for the poor but increase it for the rich.Education Choice; Dynamic Optimization, Optimal Stopping, Uncertainty

Education Choice under Uncertainty - Implications for Public Policy

We analyse how progressive taxation and education subsidies affect schooling decisions when the returns to education are stochastic. We use the theory of real options to solve the problem of education choice in a dynamic stochastic model. We show that education attainment will be an increasing function of the risk associated with education. Furthermore, this result holds regardless of the degree of risk aversion. We also show that progressive taxes will tend to increase education attainment.Education Choice; Dynamic Optimization, Optimal Stopping, Uncertainty

Education Choice under Uncertainty

We apply the theory of real options to the problem of education choice when returns to education are uncertain. We show that the length of time spent in school will be an increasing function of the risk associated with education and not just the expected return. This fact has been neglected in much of the empirical literature on education.

Fabula: type design

Originally a screen font for the Fabula project in 2004-5 redesigned for print for Collins publishers for their children's dictionary cover

Dispersion in the Economic Return to Schooling

In this paper we extend the standard human capital earnings function to include dispersion in the rate of return to schooling by treating the return as a random coefficient. One motivation is that if the increase in supply of skilled workers has been brought about by dipping further into the ability distribution. Alternatively if the expansion in post-compulsory education comes about through relaxed credit constraints then we might expect this to increase average ability in the pool of educated workers. Either event might lead to a rise in the variance in returns. Based on a sample of data from the United Kingdom our estimates suggest that neither the mean nor the dispersion in returns to schooling has altered significantly over time. This is consistent with educational expansion not leading to a disproportionate inflow of low ability individuals into the system.

The Impact of Parental Earnings and Education on the Schooling of Children

This paper addresses the intergenerational transmission of education and investigates the extent to which early school leaving (at age 16) may be due to variations in parental background. An important contribution of the paper is to distinguish between the causal effects of parental income and parental education levels. Least squares estimation reveals conventional results – weak effects of income (when the child is 16), stronger effects of maternal education than paternal, and stronger effects on sons than daughters. We find that the education effects remain significant even when household income is included. However, when we use instrumental variable methods to simultaneously account for the endogeneity of parental education and paternal income, only maternal education remains significant (for daughters only) and becomes stronger. These estimates are consistent across various sets of instruments. The impact of paternal income varies between specifications but becomes insignificant in our favored specifications. Our results provide only limited support for policies that alleviate income constraints at age 16 in order to alter schooling decisions. In contrast, our results do suggest that policies which increase permanent income would lead to increased participation (especially for daughters).Early school leaving, intergenerational transmission

On-Air Weather Forecasters\u27 Educational Backgrounds

Weather is important to local television newscasts, so it is becoming important to expand research regarding this area. It is important to understand why certain people are chosen to present the weather on-air. Currently, three different kinds of degrees seem to be the choice for the people who are presenting the weather on television. On-air weather forecasters who work for the local affiliated stations of ABC, CBS, FOX, and NBC networks tend to have degrees in meteorology, communications, or broadcast meteorology. Which one of these degree categories is preferred and why? Two predictors come to the forefront to answer this question: severe weather and market size. Market size long has been a defined term due to the A.C Nielsen ranking of television markets in the United States from 1 to 210, then is grouped into categories of large, medium, and small. Severe weather is defined for this research as having the frequent occurrences of blizzards, tornados, or hurricanes. Both severe weather and market size are statistically significant factors associated with the educational degrees on-air weather forecasters possess. Not only are they significant factors correlated with the degree type, they also show that different areas (calm vs. severe weather) may correlate with hiring people with certain types of degrees. The threat of severe weather leads to local-affiliated television stations hiring more meteorologists to present weather on-air. Large markets and medium markets also are significantly more likely than small markets to use meteorologists to deliver the weather. The results of this thesis point to some important areas that describe the educational qualities of the on-air weather forecaster

Experimentally Observed Features of the Turbulent Near-Wake of a Model Ship

http://deepblue.lib.umich.edu/bitstream/2027.42/116057/1/39015075172091.pd

Experimentally Observed Features of the Turbulent Near-Wake of a Model Ship

https://deepblue.lib.umich.edu/bitstream/2027.42/154136/1/39015075172091.pd

Light-Induced Alkylation and Dealkylation of the Flavin Nucleus

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/65682/1/j.1432-1033.1970.tb00926.x.pd