Growth and Human Capital Accumulation under Uncertainty
The aim of this paper is to understand the role of uncertainty in education choices and therefore in growth. We consider an overlapping generations model in which endogenous growth is introduced through human capital accumulation. We introduce uncertainty as to the individual returns to educational investment, and we assume markets to be incomplete. We study the effect of this uncertainty on the behavior of the risk averse individual regarding his effort in education. The analysis is carried out within a general equilibrium approach.
Human capital; Growth; Education; Uncertainty; Overlapping Generations Model
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