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1、WORKINGPAPERSINECONOMICSNo494DoesaDiversificationMotiveInfluenceChildren’sSchoolEntryintheEthiopianHighlands?AnnikaLindskogMarch2011ISSN1403-2473(print)ISSN1403-2465(online)DepartmentofEconomicsSchoolofBusiness,EconomicsandLawatUniversityofGothenburgVasagatan1,POBox640,S
2、E40530Göteborg,Sweden+46317860000,+46317861326(fax)www.handels.gu.seinfo@handels.gu.seDoesadiversificationmotiveinfluencechildren’sschoolentryintheEthiopianhighlands?AnnikaLindskogannika.lindskog@economics.gu.seHousehold-leveldiversificationofhumancapitalinvestmentsisinv
3、estigated.Asimplemodelisdeveloped,followedbyanempiricalanalysisusing2000-2007datafromtheruralAmhararegionofEthiopia.Diversificationwouldimplynegativesiblings’dependencyandbemoreimportantinmorerisk-aversehouseholds.Henceitisinvestigatedifoldersiblings’literacyhasamorenega
4、tive(smallerifpositive)impactonyoungersiblings’schoolentryinmorerisk-aversehouseholds.Resultssuggestdiversificationacrossbrothers,butarenotstatisticallystrong,andwithforcescreatingpositivesiblingdependencydominatingoverdiversification.Keywords:Diversification,Education,E
5、thiopia,UncertaintyJELCodes:I21,D81,D131.IntroductionInvestmentineducationislikelytobethemostimportantinvestmentdecisionmadeformostpeople,andalsotohaveuncertainreturns,i.e.asopposedtoriskyinvestmentswithaknownvariancetheyaretrulyunknown,.Still,themplicationsofuncertainty
6、forsuchinvestmenthavereceivedlittleattentionineconomics.Returnstoformaleducationareuncertain,butthealternative,morelearningbydoing,isnotfreeofuncertaintyeither.Thismakesitdifficulttocomeupwithhypothesesabouthowuncertaintyandriskaversionaffectinvestmentsineducation.Acommo
7、nstrategyfordealingwithriskyreturnsisdiversification.IntheruralAmhararegionofEthiopia,andinotherruralareasofless-developedcountrieswherethereisextensiveinformalinsurance,withparentsrelyingonchildrenforold-agesupport,diversificationcouldmeansomeinvestmentinformaleducation
8、–perhapsdirectedtowardsemploymentinthe“modern”sector–andsomeinvestmentintraditionalknowledge,acquiredth
