MISMATCH IN HUMAN CAPITAL ACCUMULATION
研究了21个OECD国家中能力与教育程度之间的错配程度及来源，发现错配主要源于考试分数的噪音，而非借贷约束或品味冲击。
Abstract This article studies the allocation of heterogeneous agents to levels of educational attainment. The goal is to understand the magnitudes and sources of mismatch in this assignment, both in theory and in the data. The article presents evidence of substantial mismatch between ability and educational attainment across 21 OECD countries, with a main focus on Germany, Italy, Japan, and the United States. Model parameters are estimated using a simulated method of moments approach. The main empirical finding is that measured mismatch arises largely from noise in test scores and does not reflect borrowing constraints. Taste shocks play a minor role in explaining mismatch.