An Empirical Investigation of the Option Value of College Enrollment
An Empirical Investigation of the Option Value of College Enrollment
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DOI：
10.1257/app.4.1.49
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发表时间：
2012-01-01
影响因子：
6.2
通讯作者：
Stange, Kevin M.
中科院分区：
文献类型：
--
作者：
Stange, Kevin M.
本文量化了在不确定性和学习能力存在的情况下，连续教育决策所产生的期权价值。上大学有选择的价值，因为注册的学生有选择，但没有义务，在学习他们的能力和品味后继续上学。我估计，对于普通高中毕业生来说，选择价值占上大学机会总价值的14%，对于中等能力的学生来说，选择价值最大。学生根据新信息顺序做出决定的能力增加了福利，也使教育成果不那么因背景而两极分化。
This paper quantifies the option value arising from sequential schooling decisions made in the presence of uncertainty and learning about academic ability. College attendance has option value since enrolled students have the option, but not obligation, to continue in school after learning their aptitude and tastes. I estimate that option value accounts for 14 percent of the total value of the opportunity to attend college for the average high school graduate and is greatest for moderate-aptitude students. Students' ability to make decisions sequentially in response to new information increases welfare and also makes educational outcomes less polarized by background.