@techreport{Bilkic2009Stay,
abstract = {As the time of leaving school determines the level of academic achievement this timing decision is central for the human capital investment decision. Real option theory offers a new perspective of the human capital investment decision under uncertainty and irreversibility. Unlike other approaches we include accumulative schooling costs, and provide a full analytical discussion of all determinants of the decision to terminate education and enter the labor market. Further, as we are able to look at a sequence of formal qualification levels, each characterized by various cost and income profiles we can discuss discontinuities and sheepskin effects within this approach.},
address = {M\"{u}nchen},
author = {Natasa Bilkic and Thomas Gries and Margarethe Pilichowski},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {J24; D81; I20; 330; human capital theory; uncertainty; irreversibility; Bildungsverhalten; Absolventen; Entscheidung bei Unsicherheit; Irreversibility of Investment; Bildungsinvestition; Realoption; Theorie},
language = {eng},
number = {2825},
publisher = {CESifo},
title = {Stay in school or start working? : the human capital investment decision under uncertainty and irreversibility},
type = {CESifo working paper},
url = {http://hdl.handle.net/10419/30651},
year = {2009}
}
