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The IZA Discussion Paper Series (ISSN: 2365-9793) disseminates high-quality research by IZA network members to the scientific community and the interested public worldwide before they are later published in academic journals. Comprising more than 17,000 papers, IZA's publication flagship is the most influential working paper series in labor economics.

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153 IZA Discussion Papers
IZA Discussion Paper No. 17919
Inflation, Expectations and Monetary Policy: What Have We Learned and to What End?
Olivier Coibion, Yuriy Gorodnichenko
IZA Discussion Paper No. 17919
Inflation, Expectations and Monetary Policy: What Have We Learned and to What End?
Olivier Coibion, Yuriy Gorodnichenko
IZA Discussion Paper No. 17770
Homeownership and Attention to Inflation: Evidence from Information Treatments
Jessica Piccolo, Yuriy Gorodnichenko
IZA Discussion Paper No. 17720
Earnings Expectations of “First-in-Family” University Students and Their Role for Major Choice
Katharina Adler, Fabian Kosse, Markus Nagler, Johannes Rincke
IZA Discussion Paper No. 17695
How Inheritance Expectations Impact Household Savings
Ignacio Belloc, José Alberto Molina
IZA Discussion Paper No. 17493
Are Men's Preferences for Couple Equity Misperceived? Evidence from Six Countries
Teodora Boneva, Ana Brás-Monteiro, Marta Golin, Christopher Rauh
IZA Discussion Paper No. 17317
The Causal Effects of Inflation Uncertainty on Households' Beliefs and Actions
Dimitris Georgarakos, Yuriy Gorodnichenko, Olivier Coibion, Geoff Kenny
IZA Discussion Paper No. 17269
Inflation and Wage Expectations of Firms and Employees
Lukas Buchheim, Sebastian Link, Sascha Möhrle
IZA Discussion Paper No. 17198
The Accuracy of Job Seekers' Wage Expectations
Marco Caliendo, Robert Mahlstedt, Aiko Schmeißer, Sophie Wagner
IZA Discussion Paper No. 17174
Identification of Ex Ante Returns Using Elicited Choice Probabilities: An Application to Preferences for Public-Sector Jobs
Romuald Meango, Esther Mirjam Girsberger
IZA Discussion Paper No. 17120
Higher-Order Beliefs and Risky Asset Holdings
Yuriy Gorodnichenko, Xiao Yin
IZA Discussion Paper No. 17015
SAFE to Update Inflation Expectations? New Survey Evidence on Euro Area Firms
Ursel Baumann, Annalisa Ferrando, Dimitris Georgarakos, Yuriy Gorodnichenko, Timo Reinelt
IZA Discussion Paper No. 16995
Biological, Behavioural and Spurious Selection on the Kidney Transplant Waitlist
Stephen Kastoryano
IZA Discussion Paper No. 16687
Automatability of Occupations, Workers' Labor-Market Expectations, and Willingness to Train
Philipp Lergetporer, Katharina Wedel, Katharina Werner
IZA Discussion Paper No. 16524
Labor Market News and Expectations about Jobs & Earnings
Bernhard Schmidpeter
IZA Discussion Paper No. 16426
Predicting Re-Employment: Machine Learning versus Assessments by Unemployed Workers and by Their Caseworkers
Gerard J. van den Berg, Max Kunaschk, Julia Lang, Gesine Stephan, Arne Uhlendorff
IZA Discussion Paper No. 16355
Were COVID and the Great Recession Well-Being Reducing?
David G. Blanchflower, Alex Bryson
published in: PloS ONE, 2024, 19 (11), e0305347
IZA Discussion Paper No. 16334
Information and the Formation of Inflation Expectations by Firms: Evidence from a Survey of Israeli Firms
Yuriy Gorodnichenko, Rafi Melnick, Ari Kutai
IZA Discussion Paper No. 16305
Tell Me Something I Don't Already Know: Learning in Low and High-Inflation Settings
Michael Weber, Bernardo Candia, Tiziano Ropele, Rodrigo Lluberas, Serafin Frache, Brent Meyer, Saten Kumar, Yuriy Gorodnichenko, Dimitris Georgarakos, Olivier Coibion, Geoff Kenny, Jorge Ponce
IZA Discussion Paper No. 16168
Perceived Ability and School Choices: Experimental Evidence and Scale-up Effects
Matteo Bobba, Veronica Frisancho, Marco Pariguana
this paper is an updated version of IZA DP No. 10360 (2016).
IZA Discussion Paper No. 16106
Inflation Expectations and Misallocation of Resources: Evidence from Italy
Tiziano Ropele, Yuriy Gorodnichenko, Olivier Coibion
published in: American Economic Review: Insights, 2024, 6 (2), 246–261
IZA Discussion Paper No. 16013
Workers' Perceptions of Earnings Growth and Employment Risk
Gizem Koşar, Wilbert van der Klaauw
IZA Discussion Paper No. 16006
Social Norms and Female Labor Force Participation in Bangladesh: The Role of Social Expectations and Reference Networks
Luna Bellani, Kumar Biswas, Sebastian Fehrler, Paul Marx, Shwetlena Sabarwal, Syed Rashed Al-Zayed Josh
IZA Discussion Paper No. 15905
Labour Market Expectations and Unemployment in Europe
David G. Blanchflower, Alex Bryson
IZA Discussion Paper No. 15788
Beliefs about Maternal Labor Supply
Teodora Boneva, Marta Golin, Katja Maria Kaufmann, Christopher Rauh
IZA Discussion Paper No. 15710
Investment and Subjective Uncertainty
Nicholas Bloom, Steven J. Davis, Lucia Foster, Scott Ohlmacher, Itay Saporta-Eksten
published as '2020 Klein Lecture—Investment and Subjective Uncertainty' in: International Economic Review, 2024, 65 (4), 1591 - 1606
IZA Discussion Paper No. 15614
Inflation Expectations and Corporate Borrowing Decisions: New Causal Evidence
Tiziano Ropele, Yuriy Gorodnichenko, Olivier Coibion
published in: European Journal of Political Economy, 2023, 77, 102316
IZA Discussion Paper No. 15495
Homeownership and the Perception of Material Security in Old Age
Claudius Garten, Michal Myck, Monika Oczkowska
published online in: Applied Economics, 12 June 2024
IZA Discussion Paper No. 15493
Too Healthy to Fall Sick? Longevity Expectations and Protective Health Behaviours during the First Wave of COVID-19
Martina Celidoni, Joan Costa-Font, Luca Salmasi
published in: Journal of Economic Behaviour and Organisation, 2022, 202, 733 - 745
IZA Discussion Paper No. 15443
Consumption Choices and Earnings Expectations: Empirical Evidence and Structural Estimation
Christian A. Stoltenberg, Arne Uhlendorff
IZA Discussion Paper No. 15440
Finance, Informal Competition, and Expectations: A Firm-Level Analysis
Emanuele Brancati, Michele Di Maio, Aminur Rahman
published in: World Development, 2024, 173, 106408
IZA Discussion Paper No. 15385
The Shift to Remote Work Lessens Wage-Growth Pressures
José María Barrero, Nicholas Bloom, Steven J. Davis, Brent Meyer, Emil Mihaylov
IZA Discussion Paper No. 15375
Price Expectations and Reference-Dependent Preferences
Robert Rutledge, Vinayak Alladi, Stephen L. Cheung
revised version published in: Journal of Economic Behavior and Organization, 2025, 231, 106927
IZA Discussion Paper No. 15314
Regime and Treatment Effects in Duration Models: Decomposing Expectation and Transplant Effects on the Kidney Waitlist
Stephen Kastoryano
IZA Discussion Paper No. 15298
Terrorism, Media Coverage and Education: Evidence from Al-Shabaab Attacks in Kenya
Marco Alfano, Joseph-Simon Goerlach
published in: Journal of the European Economic Association, 2023, 21 (2), 727–763
IZA Discussion Paper No. 15281
Gender Gaps in Early Wage Expectations
Andreas Leibing, Frauke Peter, Sevrin Waights, C. Katharina Spieß
published in: Economics of Education Review, 2023, 94, 102398
IZA Discussion Paper No. 15229
Pandemic-Era Uncertainty
Brent Meyer, Emil Mihaylov, José María Barrero, Steven J. Davis, David Altig, Nicholas Bloom
published in: Journal of Risk and Financial Management, 2022, 15 (8), 338
IZA Discussion Paper No. 15090
Information Frictions among Firms and Households
Sebastian Link, Andreas Peichl, Christopher Roth, Johannes Wohlfart
published in: Journal of Monetary Economics, 2023,135, 99-115
IZA Discussion Paper No. 15069
Firms' Inflation Expectations: New Evidence from France
Frédérique Savignac, Erwan Gautier, Yuriy Gorodnichenko, Olivier Coibion
pubished in: Journal of the European Economic Association, 2024, 22 (6), 2748–2781
IZA Discussion Paper No. 15040
House Price Expectations
Niklas Gohl, Peter Haan, Claus Michelsen, Felix Weinhardt
published in: Journal of Economic Behavior and Organization, 2024, 218, 379-398
IZA Discussion Paper No. 15027
The Expected, Perceived, and Realized Inflation of U.S. Households before and during the COVID-19 Pandemic
Michael Weber, Yuriy Gorodnichenko, Olivier Coibion
IZA Discussion Paper No. 15018
Skewness Expectations and Portfolio Choice
Tilman Drerup, Matthias Wibral, Christian Zimpelmann
published in: Experimental Economics, 2023, 26, 107 - 144
IZA Discussion Paper No. 14889
R&D Plans, Expectations, and Uncertainty: Evidence from the COVID-19 Shock in Italy
Emanuele Brancati
published in: Structural Change and Economic Dynamics, 2023, 67, 303-318
IZA Discussion Paper No. 14876
Biased Survival Expectations and Behaviours: Does Domain Specific Information Matter?
Joan Costa-Font, Cristina Vilaplana-Prieto
published in: Journal of Risk and Uncertainty, 2022, 65, 285 - 317
IZA Discussion Paper No. 14876
Biased Survival Expectations and Behaviours: Does Domain Specific Information Matter?
Joan Costa-Font, Cristina Vilaplana-Prieto
published in: Journal of Risk and Uncertainty, 2022, 65, 285 - 317
IZA Discussion Paper No. 14876
Biased Survival Expectations and Behaviours: Does Domain Specific Information Matter?
Joan Costa-Font, Cristina Vilaplana-Prieto
published in: Journal of Risk and Uncertainty, 2022, 65, 285 - 317
IZA Discussion Paper No. 14853
Zero Lower Bound on Inflation Expectations
Yuriy Gorodnichenko, Dmitriy Sergeyev
IZA Discussion Paper No. 14800
The Origins of Gender Differences in Competitiveness and Earnings Expectations: Causal Evidence from a Mentoring Intervention
Teodora Boneva, Thomas Buser, Armin Falk, Fabian Kosse
IZA Discussion Paper No. 14419
The Global COVID-19 Student Survey: First Wave Results
David A. Jaeger, Jaime Arellano-Bover, Krzysztof Karbownik, Marta Martínez Matute, John M. Nunley, R. Alan Seals Jr., Miguel Almunia, Mackenzie Alston, Sascha O. Becker, Pilar Beneito, René Böheim, José E. Boscá, Jessica H. Brown, Simon Chang, Deborah A. Cobb-Clark, Shooshan Danagoulian, Sandra Donnally, Marissa Eckrote-Nordland, Lídia Farré, Javier Ferri, Margherita Fort, Jane Cooley Fruewirth, Rebecca Gelding, Allen C. Goodman, Melanie Guldi, Simone Häckl, Janet Hankin, Scott A. Imberman, Joanna Lahey, Joan Llull, Hani Mansour, Isaac McFarlin, Jaakko Meriläinen, Tove Mortlund, Martin Nybom, Stephen D. O'Connell, Rupert Sausgruber, Amy Schwartz, Jan Stuhler, Petra Thiemann, Roel van Veldhuizen, Marianne H. Wanamaker, Maria Zhu
published in: Covid Economics, 2021, 79, 152-217
IZA Discussion Paper No. 14378
The Inflation Expectations of U.S. Firms: Evidence from a New Survey
Bernardo Candia, Olivier Coibion, Yuriy Gorodnichenko
published in: Journal of Monetary Economics, 2024, 145 (S), 103569
IZA Discussion Paper No. 14333
The Dynamics of Return Migration, Human Capital Accumulation, and Wage Assimilation
Jérôme Adda, Christian Dustmann, Joseph-Simon Goerlach
published in: Review of Economic Studies, 2022, 89 (6), 2841 - 2871
IZA Discussion Paper No. 14289
Expecting Better? How Young People Form Their Earnings Expectations
Marta Favara, Paul Glewwe, Catherine Porter, Alan Sanchez
IZA Discussion Paper No. 14149
Temporary Overpessimism: Job Loss Expectations Following a Large Negative Employment Shock
Julian Emmler, Bernd Fitzenberger
published in: Economics of Transition and Institutional Change, 2022, 30 (3), 621 - 661
IZA Discussion Paper No. 14114
Fiscal Policy and Households' Inflation Expectations: Evidence from a Randomized Control Trial
Olivier Coibion, Yuriy Gorodnichenko, Michael Weber
IZA Discussion Paper No. 14114
Fiscal Policy and Households' Inflation Expectations: Evidence from a Randomized Control Trial
Olivier Coibion, Yuriy Gorodnichenko, Michael Weber
IZA Discussion Paper No. 13823
Political Polarization and Expected Economic Outcomes
Olivier Coibion, Yuriy Gorodnichenko, Michael Weber
IZA Discussion Paper No. 13685
Is There a Link between BMI and Adolescents' Educational Choices and Expectations?
Luis Diaz-Serrano, Alexandrina P. Stoyanova
published as 'The relationship between overweight and education revisited: a test of the selection hypothesis based on adolescents' educational aspirations' in: Public Health, 2023, 224, 237 - 243
IZA Discussion Paper No. 13664
Exponential Growth Bias in the Prediction of COVID-19 Spread and Economic Expectation
Ritwik Banerjee, Priyama Majumdar
published in: Economicy, 2023, 90 (358), 653-689
IZA Discussion Paper No. 13629
The Economic Effects of COVID-19 and Credit Constraints: Evidence from Italian Firms' Expectations and Plans
Pierluigi Balduzzi, Emanuele Brancati, Marco Brianti, Fabio Schiantarelli
IZA Discussion Paper No. 13604
How Did U.S. Consumers Use Their Stimulus Payments?
Olivier Coibion, Yuriy Gorodnichenko, Michael Weber
IZA Discussion Paper No. 13517
Overconfidence and Gender Differences in Wage Expectations
Stephanie Briel, Aderonke Osikominu, Gregor Pfeifer, Mirjam Reutter, Sascha Satlukal
IZA Discussion Paper No. 13457
Sudden Stop: When Did Firms Anticipate the Potential Consequences of COVID-19?
Lukas Buchheim, Carla Krolage, Sebastian Link
published in: German Economic Review, 2022, 23 (1), 79-119
IZA Discussion Paper No. 13445
Subjective Expectations for Health Service Use and Consequences for Health Insurance Behavior
Nathan Kettlewell
published as 'The informational content of subjective expectations for health service use' in: BMC Health Services Research, 2021, 21, 464 (2021)
IZA Discussion Paper No. 13368
The Effect of Business Cycle Expectations on the German Apprenticeship Market: Estimating the Impact of COVID-19
Samuel Mühlemann, Harald Pfeifer, Bernhard Wittek
published in: Empirical Research in Vocational Education and Training, 2020, 12, Article 8 (2020)
IZA Discussion Paper No. 13355
Does Policy Communication during COVID-19 Work?
Olivier Coibion, Yuriy Gorodnichenko, Michael Weber
IZA Discussion Paper No. 13253
Firm-level Expectations and Behavior in Response to the COVID-19 Crisis
Lukas Buchheim, Jonas Dovern, Carla Krolage, Sebastian Link
published as 'Sentiment and Firm Behavior During the COVID-19 Pandemic' in: Journal of Economic Behavior & Organization, 2022, 195, 185 - 198
IZA Discussion Paper No. 13224
The Cost of the COVID-19 Crisis: Lockdowns, Macroeconomic Expectations, and Consumer Spending
Olivier Coibion, Yuriy Gorodnichenko, Michael Weber
IZA Discussion Paper No. 13158
Labour Supply in the Early Stages of the COVID-19 Pandemic: Empirical Evidence on Hours, Home Office, and Expectations
Hans-Martin von Gaudecker, Radost Holler, Lena Janys, Bettina M. Siflinger, Christian Zimpelmann
revised version (IZA DP 14382) published as 'Hours and income dynamics during the Covid-19 pandemic: The case of the Netherlands' in: Labour Economics, 2021, 73, 102055
IZA Discussion Paper No. 13092
Compliance with COVID-19 Social-Distancing Measures in Italy: The Role of Expectations and Duration
Guglielmo Briscese, Nicola Lacetera, Mario Macis, Mirco Tonin
published as ' Expectations, reference points, and compliance with COVID-19 social distancing measures' in: Journal of Behavioral and Experimental Economics, 2023, 103, 101983
IZA Discussion Paper No. 13056
Maternal Investments in Children: The Role of Expected Effort and Returns
Sonia R. Bhalotra, Adeline Delavande, Paulino Font Gilabert, Joanna Maselko
published in: Economic Journal, 2025, 135 (667), 712–747
IZA Discussion Paper No. 13023
Financial Expectations and Household Consumption: Does Middle Inflation Matter?
Sarah Brown, Mark N. Harris, Christopher Spencer, Karl Taylor
published in: Journal of Money, Credit and Banking, 2024, 56 (4), 741-768.
IZA Discussion Paper No. 12979
Forward Guidance and Household Expectations
Olivier Coibion, Dimitris Georgarakos, Yuriy Gorodnichenko, Michael Weber
published in: Journal of the European Economic Association, 2023, 21 (5), 2131–217
IZA Discussion Paper No. 12979
Forward Guidance and Household Expectations
Olivier Coibion, Dimitris Georgarakos, Yuriy Gorodnichenko, Michael Weber
published in: Journal of the European Economic Association, 2023, 21 (5), 2131–217
IZA Discussion Paper No. 12945
Self-Perceptions about Academic Achievement: Evidence from Mexico City
Matteo Bobba, Veronica Frisancho
published in: Journal of Econometrics, 2022, 231 (1), 58 - 73
IZA Discussion Paper No. 12832
The Effect of Parental Educational Expectations on Adolescent Subjective Well-Being and the Moderating Role of Perceived Academic Pressure: Longitudinal Evidence for China
Haiyang Lu, Peng Nie, Alfonso Sousa-Poza
published in: Child Indicators Research, 2021, 14, 117–137.
IZA Discussion Paper No. 12735
Information Provision and Postgraduate Studies
Jan Berkes, Frauke Peter, C. Katharina Spieß, Felix Weinhardt
published in: Economica, 2022, 89 (355), 627-646.
IZA Discussion Paper No. 12604
Policy Uncertainty and Information Flows: Evidence from Pension Reform Expectations
Emanuele Ciani, Adeline Delavande, Ben Etheridge, Marco Francesconi
published in: Economic Journal, 2023, 133 (649), 98-129
IZA Discussion Paper No. 12553
Economic Polarization and Antisocial Behavior: An Experiment
Maria Bigoni, Stefania Bortolotti, Efşan Nas Özen
published in: Games and Economic Behavior, 2021, 126, 387 - 401
IZA Discussion Paper No. 12522
Gender Differences in Wage Expectations: Sorting, Children, and Negotiation Styles
Lukas Kiessling, Pia Pinger, Philipp K. Seegers, Jan Bergerhoff
published in: Labour Economics, 2024, 87, 12522
IZA Discussion Paper No. 12498
How Does Consumption Respond to News about Inflation? Field Evidence from a Randomized Control Trial
Olivier Coibion, Dimitris Georgarakos, Yuriy Gorodnichenko, Maarten van Rooij
IZA Discussion Paper No. 12056
I Read the News Today, Oh Boy: The Effect of Crime News Coverage on Crime Perception and Trust
Daniel Velásquez, Santiago Medina, Gustavo Yamada, Pablo Lavado, Miguel Núñez, Hugo Alatrista, Juandiego Morzan
published in: World Development, 2020, 136, 105111
IZA Discussion Paper No. 12037
Inflation Expectations and Firm Decisions: New Causal Evidence
Olivier Coibion, Yuriy Gorodnichenko, Tiziano Ropele
IZA Discussion Paper No. 11989
Rationalizing Rational Expectations? Tests and Deviations
Xavier D'Haultfoeuille, Christophe Gaillac, Arnaud Maurel
published in: Quantitative Economics, 2021, 12 (3), 817 - 842
IZA Discussion Paper No. 11989
Rationalizing Rational Expectations? Tests and Deviations
Xavier D'Haultfoeuille, Christophe Gaillac, Arnaud Maurel
published in: Quantitative Economics, 2021, 12 (3), 817 - 842
IZA Discussion Paper No. 11891
The Great Recession and Children's Mental Health in Australia
Melisa Bubonya, Deborah A. Cobb-Clark, Daniel Christensen, Sarah E. Johnson, Stephen R. Zubrick
published in: International Journal of Environmental Research and Public Health, 2019, 16 (4), 537
IZA Discussion Paper No. 11321
Perceived Wages and the Gender Gap in STEM Fields
Aderonke Osikominu, Gregor Pfeifer
IZA Discussion Paper No. 10700
The Reliability of Students' Earnings Expectations
Luis Diaz-Serrano, William Nilsson
published in: Labor Economics, 2022, 76, 202182
IZA Discussion Paper No. 10406
Locus of Control and Investment in Training
Marco Caliendo, Deborah A. Cobb-Clark, Helke Seitz, Arne Uhlendorff
published in: Journal of Human Resources, 2022, 57(4), 1311-1349
IZA Discussion Paper No. 10165
Teacher Expectations Matter
Nicholas W. Papageorge, Seth Gershenson, Kyungmin Kang
published in: Review of Economics and Statistics, 2020, 102(2): 234-251.
IZA Discussion Paper No. 9592
Fear of Labor Rigidities: The Role of Expectations on Employment Growth in Peru
Pablo Lavado, Gustavo Yamada
published in: Latin American Research Review, 2023, 58 (4), 875-891.
IZA Discussion Paper No. 9478
Rank, Sex, Drugs, and Crime
Benjamin Elsner, Ingo E. Isphording
published in: Journal of Human Resources, 2018, 53(2), 356-381
IZA Discussion Paper No. 9445
Intended College Attendance: Evidence from an Experiment on College Returns and Cost
Zachary Bleemer, Basit Zafar
published in: Journal of Public Economics, 2018, 157, 184-211
IZA Discussion Paper No. 9444
Personal Experiences and Expectations about Aggregate Outcomes
Theresa Kuchler, Basit Zafar
published in: Journal of Finance, 2019, 74 (5), 2491-2542
IZA Discussion Paper No. 9301
The Great Expectations: Impact of One-Child Policy on Education of Girls
Wei Huang, Xiaoyan Lei, Ang Sun
published as 'Fertility Restrictions and Life Cycle Outcomes: Evidence from the One-Child Policy in China' in: Review of Economics and Statistics, 2021, 103 (4), 695 - 710
IZA Discussion Paper No. 9242
The Power of (Non) Positive Thinking: Self-Employed Pessimists Earn More than Optimists
Christopher Dawson, David Emmanuel de Meza, Andrew Henley, Reza Arabsheibani
published as 'Curb your enthusiasm: Optimistic entrepreneurs earn less' in: European Economic Review, 2019, 111, 53 - 69
IZA Discussion Paper No. 9202
Who Believes in Me? The Effect of Student-Teacher Demographic Match on Teacher Expectations
Seth Gershenson, Stephen B. Holt, Nicholas W. Papageorge
published in: Economics of Education Review, 2016, 52, 209-224
IZA Discussion Paper No. 9120
Do Wage Expectations Influence the Decision to Enroll in Nursing College?
Jürg Schweri, Joop Hartog
published as 'Do wage expectations predict college enrollment? Evidence from healthcare' in: Journal of Economic Behavior and Organization, 2017, 141, 135 - 150
IZA Discussion Paper No. 8639
Randomizing Endowments: An Experimental Study of Rational Expectations and Reference-Dependent Preferences
Lorenz Götte, Annette Cerulli-Harms, Charles Sprenger
published in: American Economic Journal: Microeconomics, 2019, 11 (1), 185–207)
IZA Discussion Paper No. 8639
Randomizing Endowments: An Experimental Study of Rational Expectations and Reference-Dependent Preferences
Lorenz Götte, Annette Cerulli-Harms, Charles Sprenger
published in: American Economic Journal: Microeconomics, 2019, 11 (1), 185–207)
IZA Discussion Paper No. 8549
Recovering Ex Ante Returns and Preferences for Occupations using Subjective Expectations Data
Peter Arcidiacono, V. Joseph Hotz, Arnaud Maurel, Teresa Romano
published in: Journal of Political Economy, 2020, 128 (12), 4475 - 4522
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