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Deciding under Doubt: A Theory of Risk Aversion, Time Discounting Preferences, and Educational Decision-making
European Sociological Review
We develop a rational choice model of educational decision-making in which the utility of educational choices depends on students' risk aversion and their time discounting preferences. We argue for the role of risk aversion and time discounting preferences in the choice of different tracks in secondary education and in mediating the impact of socioeconomic background on such choices. Enrolment decisions in Danish secondary education provide our empirical example, and the results are generallydoi:10.1093/esr/jcu039 fatcat:xizeqqwl7rfs7dszslwfjq7x6a