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Risks and returns to educational fields – a financial asset approach to vocational and academic education

Glocker, Daniela and Storck, Johanna (2014) Risks and returns to educational fields – a financial asset approach to vocational and academic education. Economics of Education Review, 42. pp. 109-129. ISSN 0272-7757

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Identification Number: 10.1016/j.econedurev.2014.06.004

Abstract

Applying a financial assets approach, we analyze the returns and earnings risk of investments into different types of human capital. Even though the returns from investing in human capital are extensively studied, little is known about the properties of the returns to different types of human capital within a given educational path. Using information from the German Micro Census, we estimate the risk and returns to 75 fields of education, differentiating between vocational and academic education. We identify fields of education that are efficient investment goods, i.e. high returns at a given level of risk, and fields that are chosen for other (non-monetary) reasons. Furthermore, we rank fields of education by their return per unit of risk and find that university education is not always superior to other types of education.

Item Type: Article
Official URL: http://www.sciencedirect.com/
Additional Information: © 2014 Elsevier B.V.
Divisions: Centre for Economic Performance
Subjects: H Social Sciences > HB Economic Theory
JEL classification: G - Financial Economics > G0 - General
Sets: Research centres and groups > Centre for Economic Performance (CEP)
Date Deposited: 28 Aug 2014 13:35
Last Modified: 20 Nov 2019 11:10
URI: http://eprints.lse.ac.uk/id/eprint/59173

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