Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/89880 
Erscheinungsjahr: 
2013
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 7752
Verlag: 
Institute for the Study of Labor (IZA), Bonn
Zusammenfassung: 
Investing in human capital increases lifetime income, but these investments may involve substantial risk. In this paper we use a Finnish panel spanning 22 years to predict the mean, the variance and the skew of the present value of lifetime income, and to calculate certainty equivalent lifetime income at different levels of education. We find that university education is associated with about a half a million euro increase in discounted lifetime disposable income compared to vocational high school. Accounting for risk does little to change this picture. By contrast, vocational high school is associated with only moderately higher lifetime income compared to compulsory education, and the entire difference is due to differential nonemployment.
Schlagwörter: 
lifetime income
risk
education
human capital
JEL: 
C33
I24
J31
Dokumentart: 
Working Paper

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