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Author: Aedo, Mario C.
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Aedo, Mario C. |
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Schooling Decision: A Dynamic Model Ph.D. Dissertation, University of Minnesota, 1990 Cohort(s): NLSY79 Publisher: UMI - University Microfilms, Bell and Howell Information and Learning Keyword(s): Education; Educational Attainment; Schooling The theoretical literature has long recognized the sequential nature of the educational decision problem faced by individuals. However, applied research has always assumed that individuals face static optimization problems. The purpose of this dissertation is to study the relative importance of the main economic factors which affect the educational choices of individuals within a dynamic framework. To this purpose, the educational choices of individuals are modeled as a finite horizon, discrete time, dynamic programming problem. At each time period the individual makes a decision on whether to continue in school or not. This decision is conditional upon the individual choices up to the current period and upon the individual's forecast about the future. The structural parameters of the model are estimated by using the 1979 NLSY. Two samples, one of white males and another of black males, are used in the empirical analysis with estimation carried out separately for each. The analytical framework draws upon recent work on the estimation of discrete stochastic dynamic programming models. The estimation procedure involves the backward solution of a dynamic programming problem and the maximization of a nonlinear likelihood function. For each alternative value of the parameters of the model the dynamic programming problem must be solved and the maximization routine applied. [UMI ADG91-07412] |
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Bibliography Citation
Aedo, Mario C. Schooling Decision: A Dynamic Model. Ph.D. Dissertation, University of Minnesota, 1990. |