Human Capital, Uncertain Wage Distributions, and Occupational and Educational Choices
构建了一个职业与教育选择模型，假设个体在不确定未来收入的情况下根据期望效用最大化选择职业，并利用马里兰州高中毕业生数据估计了收入分布矩对职业选择的影响。
This study develops a model of occupational and educational choices. Individuals are assumed to choose careers based on expected utility maximi- zation, given uncertainty concerning future earnings. The model directly leads to estimable equations relating career choices to the moments of occupational earnings distributions. We report maximum likelihood estimates using a sample of high school graduates from Maryland school districts, 1951-1969. The eight observed career choices respond as expected to the first and second moments of the earnings distribution and to a measure of school quality. Reasonable estimates of human capital production and supply elasticities are obtained for the career choices.