Optimal policy and the risk properties of human capital reconsidered

• 成果类型: Article
• 署名作者: Anderberg, Dan
• 署名单位: University of London; Royal Holloway University London
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2009.07.004
• 发表日期: 2009
• 页码: 1017-1026
• 关键词: education; optimal taxation; RISK

摘要

This paper considers how optimal education and tax policy depends on the risk properties of human capital. A key feature of human capital investments is whether they increase or decrease wage risk. In a benchmark model it is shown that this feature alone determines whether a constrained optimal allocation should be characterized by a positive or a negative education premium. In the same model a positive intertemporal wedge is optimal. The robustness of these results is explored in two generalizations: nonobservability of education and nonobservability of consumption. Finally, policies that implement the constrained efficient allocations are considered. (C) 2009 Elsevier B.V. All rights reserved.