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A Regime Switching Model of Schooling Choice as a Job Search Process
- Authors
- Shin, Yong Hyun; Lee, Ho-Seok
- Issue Date
- Nov-2015
- Publisher
- HINDAWI LTD
- Citation
- ADVANCES IN MATHEMATICAL PHYSICS, v.2015
- Journal Title
- ADVANCES IN MATHEMATICAL PHYSICS
- Volume
- 2015
- ISSN
- 1687-9120
1687-9139
- Abstract
- We propose a regime switching model of schooling choice as a job search process. We adopt a two-state Markov process and the derived coupled Bellman equations are solved by seeking the root of an auxiliary algebraic equation. Some numerical examples are also considered.
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