Please use this identifier to cite or link to this item:
標題: 個人高等教育投資決策之理論模型-實質選擇權之應用
A Theoretical Model of Individual Higher Educational Investment Decision: Real Options Approach
作者: 黃玟儀
Hwang, Wei-Yei
關鍵字: real option;實質選擇權;human capital;educational returns;tertiary education;人力資本;教育報酬;高等教育
出版社: 應用經濟學系所
引用: 李誠,2006,「窮忙與富閒」,遠見雜誌,第245期,第270-271頁。 吳忠吉,林昭禎,2003,「調和強弱,再造均富」,國家政策論壇,民[92.10],第223-230頁。 教育部,2005,近十年來教育發展概況統計分析報告。 彭森明,2008,九十五學年度大學應屆畢業生問卷調查報告,教育部高教司。 黃榮村,2007,「教育資源與高教人才培育」,高教技職簡訊,第6期。 張芳全,2004,「影響開發中國家教育品質因素」,教育與社會研究,第6期,第27-67頁。 張清溪,1996,「評高等教育資源分配與經費」,教改通訊,第13期,第2-7頁,台北:教育改革審議委員會。 駱明慶,2002,「誰是台大學生?--性別、省籍與城鄉差異」,經濟論文叢刊,第30輯第1期,第113-147頁。 賴德勝,1998,「教育、勞動力市場與收入分配」,經濟研究,第5期 Adner, R. and D. Levinthal (2004), Real Options and Real Tradeoffs, Academy of Management Review, 29(1), 120-126. Altonji, J. G. and C. Pierret (2001), Employer Learning and Statistical Discrimination, Quarterly Journal of Economics, 116, 313-350. Anderson T, J. (2000), Real Options Analysis in Strategic Decision Making: An Applied Approach in a Dual Options Framework. Journal of applied management studies, 9(2), 235-255. Angrist, J. D. and A. B. Krueger (1991), Does Compulsory School Attendance Affect Schooling and Earnings? Quarterly Journal of Economics, 106, 979-1014. Arabsheibani, G. R. and L. Manfor (2001), Non-Linearities in Returns to Education in Libya, Education Economics,. 9(2), 139 – 144. Arrow, K. (1973), Higher Education As a Filter, Journal of Public Economics, 2, 193-216. Badders, B., L. C. Clark, and P. M. Wright (2007), Uncertainty and Human Capital Decision: Traditional Valuation Methods and Real Options Logic, CAHRS Working Paper Series 07-01. Belman, D. and J. S. Heywood (1991), Sheepskin Effects in the Returns to Education: An Examination on Wowen and Minorities, The Review of Economics and Statistics, 73(4), 720-724. Belman, D. and J. S. Heywood (1991), Sheepskin Effects by Cohort: Implications of Job Matching in a Signaling Model, Oxford Economic Papers 49(4), 623-634. Bhattacharya, M. and P. Wright (2005), Options for Human Capital Acquisition, International Journal of Human Resource Management, 16, 929-948. Black, F. and M. Scholes (1973), The Pricing of Options and Corporate Liabilities, Journal of Political Economy, 81(3), 637-654. Bollen, N. P. B. (1999), Real Options and Product Life Cycles, Management Science, 45(5), 670-684. Bound, J. and R. Freeman (1992), What Went Wrong? The Erosion of Relative Earnings and Employment Among Young Black Men in the 1980s, Quarterly Journal of Economics, 107(1), 201-232. Bovenberg, A. L. and B. Jacobs (2005), Redistribution and Education Subsidies are Siamese Twins, Journal of Public Economics, 89, 2005-2035. Card, D. (1994), Earnings, Schooling, and Ability Revisited, NBER Working Papers 4832, National Bureau of Economic Research, Inc, revised Card, D. (1999), The Causal Effect of Education on Earnings, Handbook of Labor Economics, Vol.3, Elsevier-North Holland. Card, D. and A. B. Krueger (1992), Does School Quality Matter? Returns to Education and the Characteristics of Public Schools in the United States, Journal of Political Economy, 100, 1-40. Caballero R. (1991), On the Sign of the Investment Uncertainty Relationship, American Economic Review, 81(1), 279-288. Cardon, M. S. (2003), Contingent Labor as an Enabler of Entrepreneurial Growth, Human Resource Management, 42(4), 357-373. Carrington, W. J., E. Detragiache, and T. Vishwanath (1996), Migration with Endogenous Moving Cost, American Economic Review, 86(4), 909-930. Chiswick, B. (1973), Schooling, Screening, and Income, in Taubman, P. and Solmon, L. (eds.) Does College Matter? New York: Academic Press. College Board, (2008), An Overview of Student Borrowing, Trends in Higher Education Series, 1-2. Conneely, K. and R. Uusitalo (1997), Estimating Heterogeneous Treatment Effects in the Becker Schooling Model, Discussion Paper, Industrial Relations Section, Princeton University. Cox, J. C., S. A. Ross, and M. Rubinstein (1979), Option Pricing: A Simplified Approach, Journal of Financial Economics, 7, 229-263. Dixit, A. K. and R. S. Pindyck (1994), Investment under Uncertainty, New Jersey: Princeton University Press. Dooley, M. (1986), The Overeducated Canadian? Changes in the Relationship among Earnings, Education and Age for Canadian Men: 1971-81, Canadian Journal of Economics, 19, 142-159. Eaton, J. and H. S. Rosen (1980), Taxation, Human Capital, and Uncertainty, American Economic Review, American Economic Association, 70(4), 705-15 Farber, H. S. and R. Gibbons (1996), Learning and Wage Dynamics, The Quarterly Journal of Economics, MIT Press, 111(4), 1007-1047. Ferrer, A. and W. C. Riddell (2001), The Role of Credentials in the Canadian Labour Market, UBC Department of Economics Discussion Paper May 2001, 1-16. Fisher, F. (1990), State Financing of Higher Education: A New Look at an Old Problem. Change, 22(1), 42-56. Foote, D. A. and T. B. Folta (2002), Temporary Workers as Real Options, Human Resource Management Review, 12(4), 579-597. Freeman, R. B. (1976), The Over-Educated American, New York: Academic Press. Friedman, M. (1962), Capitalism and Freedom, University of Chicago Press, 85-96. Gareth W. (1984), The Economic Approach, Perspectives on HigherEducation, 85-86. Gibbons, R. and L. F. Katz (1991), Layoffs and Lemons, Journal of Labor Economics, 9(4), 351-380. Gibbons, R. and L. F. Katz (1992), Does Unmeasured Ability Explain Inter-industry Wage Differentials? Review of Economic Studies, 59(3), 515-535. Harmon, C. and I. Walker (1995), Estimates of the Economic Return to Schooling for the United Kingdom, American Economic Review, American Economic Association, 85(5), 1278-86. Harmon, C., H. Oosterbeek, and I. Walker (2003), The Returns to Education: Microeconomics, Journal of Economics Surveys, 17, 115-156. Harris, J. R. and M. Todaro (1970), Migration, Unemployment and Development: A two-Sector Analysis, American Economic Review, 126-142. Haveman, R. and B. Wolfe (1984), Schooling and Economic Well-Being: The Role of Non-Market Effects, Journal of Human Resources, 19, 377-407. Heckman, J. J. (1976), A Life-Cycle Model of Earnings, Learning, and Consumption, The Journal of Political Economy, 84(4), Part 2, 9-44. Heywood, J. S. (1994), How Widespread are Sheepskin Returns to Education in the U.S.? Economics of Education Review, 13(3), 227-234. Hogan, V. and L. Walker (2007), Education Choice under Uncertainty: Implications for Public Policy, Labour Economics, 14(6), 894-912. Hungerford, T. and G. Solon (1987), Sheepskin Effects in the Returns to Education, Review of Economics and Statistics, 69, 175-177. Jaeger, D. and M. Page (1996), Degrees Matter: New Evidence on Sheepskin Effects in the Returns to Education, Review of Economics and Statistics, 78, 733–740 Jacobs, B. (2007), Real Options and Human Capital Investment, CESIfo Working Paper No.1982 Kane, T. J. and C. E. Rouse (1995), Comment on W. Norton Grubb: The Varied Economic Returns to Postsecondary Education: New Evidence from the Class of 1972, Journal of Human Resources, 30(1), 205-221. Lang, K. and D. Kropp (1986), Human Capital versus Sorting: The Effects of Compulsory Attendance Laws, The Quarterly Journal of Economics, MIT Press, 101(3), 609-24 Layard, R. and G. Psacharopoulos (1974), The Screening Hypothesis and the Return to Education, Journal of Political Economy, 82(5), 985-998.. Lemieux, T. and D. Card (2001), Education, Earnings and the “Canadian G.I. Bill”, Canadian Journal of Economics, 34, 313-344. Levhari, D. and Y. Weiss (1974), The Effect of Risk on the Investment in Human Capital, American Economic Review, 64(6), 950-963. McDonald, R. L. and D. R. Siegel (1986), Investment and Valuation of Firms When There Is An Option To Shut Down, International Economic Review, 26(3), 331-349. Meghir, C. and M. Palme (2000), Assessing the Effect of Schooling on Earnings Using a Social Experiment, Econometric Society World Congress 2000 Contributed Papers 0670, Econometric Society. Mincer, J. (1974), Schooling, Experience and Earnings, New York: National Bureau of Economic Research. Mumper, M. (2001), States Efforts to Keep Public Colleges Affordable in the Face of Fiscal Stress, The Finance of Higher Education: Theory, Research, Policy, and Practice, 321-350. Olneck, M. R. (1976), The Determinants of Educational Attainment and Adult Status among Brothers: The Kalamazoo Study, Ph. D. dissertation, Harvard Graduate School of Education. Palacios-Huerta, I. and R. Serrano (2006), Rejecting Small Gambles under Expected Utility, Economics Letters, 91(2), 250-259. Park, J. H. (1999), Estimation of Sheepskin Effects Using the Old and the New Measures of Educational Attainment in the Current Population Survey, Economic letters, 62, 237-240. Pindyck, R. S. (1988), Risk Aversion and Determinants of Stock Market Behavior, The Review of Economics and Statistics, 70(2), 183-190. Rethinking Student Aid Study Group, (2008), Fulfilling the Commitment: Summary of Principles and Recommendation for Reforming Federal Student Aid, 1-3. Riddell, W. C. and A. Sweetman (2000), Human Capital Formation in a Period of Rapid Change, Adapting Public Policy to a Labour Market in Transition, 85-144. Riddell, W. C. (2001), Is There Under-or Over-Investment in Education? Towards Evidence-Based Policy for Canadian Education edited by Patrice de Broucker and Arthur Sweetman, Montreal and Kingston: McGill-Queen’s University Press and John Deutsch Institute for Economic Policy, 2002, 473-496. Riley, J. G. (1979), Testing the Educational Screening Hypothesis, Journal of Political Economy, 87(5), 227–251. Sodal, S. (2001), Capitalism, Communism and Confucius? Some Relfection on Asian Growth and Crisis, Gadja Madah Internaitonal Journal of Business, 3(2), 103-119. Spence, A. M. (1973), Job Market Signaling, Quarterly Journal of Economics, 88, 355-379. Staiger, D. and J. H. Stock (1997), Instrumental Variables Regression with Weak Instruments, Econometrica, 65, 557-586. Sweetman, A. (1999), What If High School Were a Year Longer? Evidence from Newfoundland, WRNET Working Paper, 00-01. The Project on Student Debt, (2008), Student Debt and the Class of 2007, 1-11. Engle J. and V. Tinto (2008), Moving Beyond Access: College Success for Low-Income, First-Generation Students, The Pell Institution for theStudy of Opportunity in Higher Education, 4-5. Waldman, M. (1984), Job Assignments, Signaling, and Efficiency, Rand Journal of Economics, 15, 255–267. Wallace, T. P., Greer, D. G., Mingle, J. R. and Novak, R. J. (1992), Tuition and financeissues for public institutions. Washington, DC: Association of Governing Boards of Universities and Colleges. Weiss, A. (1988), High School Graduation, Performance, and Wages, Journal of Political Economy, University of Chicago Press, 96(4), 785-820. Yamauchi, F. (2004), Are Experience and Schooling Complementary? Evidence from Migrants’ Assimilation in the Bangkok Labor Market, Journal of Development Economics, 74, 489-513.

Of the requisites for economic development, human capital plays the most pivotal role. In order to align with the international trend by intensive knowledge-based economy to gain advantage, OECD countries and developing countries inject volumes of resources into educational system in past several decades. The most of OECD countries regard higher education and talents nurture as the important purposes of administration. Owing to the trend of globalization of industry the higher human labor faced transnational competition and the sluggish growth of domestic employment capacity resulting in a serious unemployment, besides, higher education capacity enlarge rapidly for the sake of school attendance rate raise, overall, excess labor supply deteriorate wage level and lead to diploma effects reduction.
Using the real option that conquers two shortcomings, reversible and undeferrable, existing in static human capital model. The real options take place of the net present value to evaluate individual decision of educational investment that uncertainty and irreversibility appear on human capitals accumulation. The real options logic looks at strategic decisions in terms of the options they create and values these options. It implies that there are ways to hedge against risk and to reduce uncertainty. This paper introduces real option concepts to specify sheepskin effects in wage margin; furthermore, combining with derived labor demand functions to explain contradictive phenomena of unemployment and high education levels in most of developed countries. This approach tries to illustrate sheepskin effects impacting on educational decision with value of real options in this approach, and integrating movement equilibrium concepts explain the phenomenon of bachelor freshmen downcast starting pay.
The more talent development, the higher rate of unemployment; and further, we explain relationship between the gap of unemployment and the gap of reexamination and to realize scales of the gaps with the modified model with real option value. The comparative static analysis of economics shows that administration solve reexamination and unemployment problems by way of graduated schools' enrollment rates, charges for tuition, educational subsidies and income tax rates to influence the individual aspirations for higher education.
Expanding higher educational capacity policy suppress the willingness for entering higher education of bachelor degree undergraduate through sheepskin effects subtraction to avoid wasting social resources on enlargement of the reexamination gap, nevertheless, the extension of talent development made master labor market incapable of complete absorbability so that aggravation of master unemployment gap. The administration has in mind for moderation of unemployment to adopt the educational policy of restraint on enrollment rates that leads to improve the location efficiency on social resources, however, the master labor supply curtailment results in reexamination scale deterioration with result that squander on social resources.
其他識別: U0005-2101200914345300
Appears in Collections:應用經濟學系

Show full item record

Google ScholarTM


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.