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| Tekijä: | Anderberg, D. |
| Otsikko: | Optimal policy and the risk properties of human capital reconsidered |
| Lehti: | Journal of Public Economics
2009 : OCT, VOL. 93:9-10, p. 1017-1026 |
| Asiasana: | human capital education taxation risk |
| Kieli: | eng |
| Tiivistelmä: | This paper explores how optimal education and tax policy depends on the risk properties of human capital (hereafter as: h-cap.). A key feature of h-cap. investments is whether they increase or decrease wage risk. A benchmark model shows that this feature alone determines whether a constrained optimal allocation should be characterized by a positive or a negative education premium. A positive intertemporal wedge is optimal. The robustness of these results is explored in two generalizations: i. non-observability of education and the one of consumption etc. |
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