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8 juin 2010
- handle: 10670/1.j56nao
- halshs: halshs-00490446
info:eu-repo/semantics/OpenAccess
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Students--Education Children--Education Education of children Schooling Pedagogy Youth--Education Instruction Education, Primitive Human resource developmentCiter ce document
Ophélie Cerdan et al., « A microfoundation for adaptability returns to schooling and technological complexity », HAL-SHS : économie et finance, ID : 10670/1.j56nao
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In a frictional environment, technological complexity creates adaptability returns to schooling. This paper provides microfoundations to such an argument, and revisits the impacts of worker heterogeneity and risk aversion. In our model, firms and workers are located on a knowledge space. Education widens the measure of the knowledge subset that the worker embodies, while technological complexity expands the measure of the knowledge subset that is required to operate on the job. We find uncertainty with regard to the type of the future partner motivates schooling, while it inhibits technological complexity. When workers differ in scholastic ability, the welfare of a given group increases with the proportion of workers of this group. Finally, risk aversion motivates a precautionary demand for education, which in turn creates income risk through firms' technological choices.