Risk Preferences and Training Investments.

Autor/inn/en	Caliendo, Marco; Cobb-Clark, Deborah A.; Obst, Cosima; Uhlendorff, Arne
Institution	Universität Potsdam / Center for Economic Policy Analysis
Titel	Risk Preferences and Training Investments. Gefälligkeitsübersetzung: Risikopräferenzen und Weiterbildungsinvestitionen.
Quelle	Potsdam (2020), 35 S. PDF als Volltext kostenfreie Datei (1); PDF als Volltext kostenfreie Datei (2) Link als defekt meldenVerfügbarkeit
Reihe	CEPA discussion paper. 23
Sprache	englisch
Dokumenttyp	online; Monographie
Schlagwörter	Bildung; Risikobereitschaft; Bildungsertrag; Motivation; Investition; Weiterbildung; Auswirkung; Risikoabschätzung; Abhängig Beschäftigter
Abstract	"We analyze workers' risk preferences and training investments. Our conceptual framework differentiates between the investment risk and insurance mechanisms underpinning training decisions. Investment risk leads risk-averse workers to train less; they undertake more training if it insures them against future losses. We use the German Socio-Economic Panel (SOEP) to demonstrate that risk affinity is associated with more training, implying that, on average, investment risks dominate the insurance benefits of training. Crucially, this relationship is evident only for general training; there is no relationship between risk attitudes and specific training. Thus, as expected, risk preferences matter more when skills are transferable - and workers have a vested interest in training outcomes - than when they are not. Finally, we provide evidence that the insurance benefits of training are concentrated among workers with uncertain employment relationships or limited access to public insurance schemes." (Author's abstract, IAB-Doku).
Erfasst von	Institut für Arbeitsmarkt- und Berufsforschung, Nürnberg
Update	2021/3