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Absolute Risk Aversion and the Returns to Education

Giorgio Brunello
University of Padua - Department of Economics; CESifo (Center for Economic Studies and Ifo Institute for Economic Research); Institute for the Study of Labor (IZA)

April 2001

IZA Discussion Paper No. 192, FEEM Working Paper No. 29.2001

Abstract:
Individual absolute risk aversion is measured for a sample of 1373 male household heads, using the 1995 wave of the Survey on the Income and Wealth of Italian households. This measure, conditional on financial and real wealth and household income, is used as an instrument for attained education in a standard log earnings equation. I find that, in line with the literature, the gap between IV and OLS estimates of the returns to education is large.

JEL Classifications: J24, J31

Working Paper Series

Date posted: November 30, 2000 ; Last revised: December 06, 2003

Suggested Citation

Brunello, Giorgio, Absolute Risk Aversion and the Returns to Education (April 2001). IZA Discussion Paper No. 192, FEEM Working Paper No. 29.2001. Available at SSRN: http://ssrn.com/abstract=251993 or doi:10.2139/ssrn.251993

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Contact Information

Giorgio Brunello (Contact Author) University of Padua - Department of Economics ( email ) via Del Santo 33 35121 Padova Italy +39 049 827 4223 (Phone) +39 049 827 4221 (Fax)
CESifo (Center for Economic Studies and Ifo Institute for Economic Research) Poschinger Str. 5 DE-81679 Munich Germany
Institute for the Study of Labor (IZA) P.O. Box 7240 D-53072 Bonn Germany

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