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Titel
Do preferences and biases predict life outcomes? Evidence from education and labor market entry decisions / Uschi Backes-Gellner (University of Zurich and IZA), Holger Herz (University of Fribourg), Michael Kosfeld (Goethe University Frankfurt and IZA), Yvonne Oswald (University of Zurich) ; IZA Institute of Labor Economics
VerfasserBackes-Gellner, Uschi In der Gemeinsamen Normdatei der DNB nachschlagen ; Herz, Holger In der Gemeinsamen Normdatei der DNB nachschlagen ; Kosfeld, Michael In der Gemeinsamen Normdatei der DNB nachschlagen ; Oswald, Yvonne In der Gemeinsamen Normdatei der DNB nachschlagen
KörperschaftForschungsinstitut zur Zukunft der Arbeit In der Gemeinsamen Normdatei der DNB nachschlagen
ErschienenBonn, Germany : IZA Institute of Labor Economics, January 2018
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Umfang1 Online-Ressource (44 Seiten) : Diagramme
SerieDiscussion paper ; no. 11288
URNurn:nbn:de:hbz:5:2-148074 Persistent Identifier (URN)
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Do preferences and biases predict life outcomes? Evidence from education and labor market entry decisions [0.47 mb]
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Zusammenfassung

Evidence suggests that acquiring human capital is related to better life outcomes, yet young peoples decisions to invest in or stop acquiring human capital are still poorly understood. We investigate the role of time and reference-dependent preferences in such decisions. Using a data set that is unique in its combination of real-world observations on student outcomes and experimental data on economic preferences, we find that a low degree of long-run patience is a key determinant of dropping out of upper-secondary education. Further, for students who finish education we show that one month before termination of their program, present-biased students are less likely to have concrete continuation plans while loss averse students are more likely to have a definite job offer already. Our findings provide fresh evidence on students' decision-making about human capital acquisition and labor market transition with important implications for education and labor market policy.