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Theses

Investissement dans le capital humain et risque : Fondements théoriques et perspectives empiriques

Abstract : This thesis focuses on the effect of risk on human capital investment. Chapter 1 presents the main contributions in economics of education which treats human capital accumulation under uncertainty. Our analysis reveals that it is important to distinguish different kind of risks, because they may have an opposite effect. That's why in chapter 2 we develop a dynamic and stochastic model in which different sources of uncertainty are taken into account, concerning the human capital accumulation process and the labor market. We show that the global effect of various risks is negative, unless it is compensated by an excess of an expected return. It is not possible to show that increasing education may protect individuals against risks, so we build in chapter 3 a model in which education produces skills (human capital hypothesis) but also some information on the true productivity of individuals (signal hypothesis). It is show that education will be used as an optimal hedging strategy against risks, especially against future unemployment risk. In chapter 4, the discussion beyond the main contributions of econometric literature highlights difficulties to obtain an empirical measure of risk; essentially separating risk and unobserved individual heterogeneity in the observed variance of return to education. From our theoretical model we give the basis of an estimation strategy allowing us to identify the sign of the relation between education and risk.
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Submitted on : Tuesday, February 9, 2010 - 1:21:47 PM
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David Touahri. Investissement dans le capital humain et risque : Fondements théoriques et perspectives empiriques. Economies et finances. Université de la Méditerranée - Aix-Marseille II, 2009. Français. ⟨tel-00454634⟩

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