The Rational Adolescent : Privilege , Policy , and Myopic Human Capital Acquisition

  • Published 2005


Standard human capital models assume adolescents maximize discounted lifetime earnings when allocating effort to education. If adolescents are impatient, as evidence indicates, then attempts to explain present choices in terms of distant consumption may lack predictive power. This paper posits a model in which rational but myopic adolescents trade off… (More)

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