Education not only impacts expected future earnings, it may also impact income risk. This pilot will examine the impact of education on income volatility. When using standard cross-sectional data sets to estimate the impact of education on earnings, it is difficult to differentiate risk from heterogeneity. This paper overcomes this problem by exploiting the panel feature of the Panel Study of Income Dynamics (PSID) to estimate income volatility directly for many individuals.

Many trading phenomena in financial markets cannot be explained by rational economic models and some even seem contradictory to each other, such as the disposition effect – the tendency of investors to sell winning investments too early and keep losing investments too long in their portfolio – and irrational extrapolation – the tendency of investors to invest too much into recent winners and too little into recent losers.

The structure of sexual networks is an essential determinant of individual’s HIV infection risk and the dynamics of the AIDS epidemic. While mathematical models point to a significant importance of these sexual network structures, virtually no empirical research of this issue using adequate and comprehensive social-science and biomarker data has been conducted in sub-Saharan countries.