CEIS-Tor Vergata is pleased to inform you that, on Friday October 26th, 2012 at 12.00 pm, prof. Nicolas Trachter (EIEF, Einaudi Institute for Economics and Finance) will present a paper on “Stepping Stone and Option Value in a Model of Postsecondary Education” The Seminar will be held at the Faculty of Economics, University of Rome "Tor Vergata", B-building, 1° floor, room B Please, go to www.ceistorvergata.it for the complete list of seminars and events at CEIS. How to reach us: http://web.uniroma2.it/mobilita/index.html http://www.economia.uniroma2.it/area.asp?a=867 ABSTRACT A stepping stone arises in risky environments with learning and transferable capital. An example is the role played by academic 2-year colleges in postsecondary education: students, as they learn about the uncertain educational outcomes, can drop out or transfer up to harder and more rewarding schools, carrying a fraction of the accumulated human capital. A theory of education is built and contrasted empirically to find i) option value explains a large part of returns to enrollment, ii) enrollment in academic 2-year colleges is driven by the option to transfer up, and iii) the value of the stepping stone is small. Barbara Piazzi __________ Informazioni da ESET NOD32 Antivirus, versione del database delle firme digitali 7612 (20121022) __________ Il messaggio è stato controllato da ESET NOD32 Antivirus. www.nod32.it |
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