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Two economists' musings on the stability of locus of control [electronic resource] / Deborah Cobb-Clark and Stefanie Schurer
Bib ID 5616083
Format BookBook, OnlineOnline
Author
Cobb-Clark, Deborah A
 
Online Access
Online Versions
Description [Parkville, Vic.] : Melbourne Institute of Applied Economic and Social Research, University of Melbourne, 2011 
ISBN 9780734042408
Series

Melbourne Institute working paper (Online) ; no. 11/09. 1447-5863.

PANDORA electronic collection.

Technical Details

Mode of access: Internet via the World Wide Web. Address as at 30/08/2011: http://www.melbourneinstitute.com/downloads/working_paper_series/wp2011n09.pdf. 

System requirements: Adobe Acrobat reader to read pdf file. 

Summary

Empirical studies of the role of non-cognitive skills in driving economic behavior often rely heavily on the assumption that these skills are stable over the relevant time frame. We analyze the change in a specific non-cognitive skill, i.e. locus of control, in order to directly assess the validity of this assumption. We find that short- and medium-run changes in locus of control are rather modest on average, are concentrated among the young or very old, do not appear to be related to the demographic, labor market, and health events that individuals experience, and are unlikely to be economically meaningful. Still, there is no evidence that locus of control is truly time-invariant implying that the use of lagged measures results in an errors-in-variables problem that could downward bias the estimated wage return to locus of control by as much as 50 percent. Those researchers wishing to analyze the economic consequences of non-cognitive skills should consider (i) restricting their analysis to the working-age population for whom there is little evidence of systematic change in skill levels and (ii) accounting for error in the skill measures they employ.

Notes

Title from title screen (viewed on August 30, 2011)

"April 2011".

Includes bibliographical references (p. 30-32)

Text and graphics.

Also available in a print version.

Selected for archiving

Subjects Locus of control -- Econometric models.
Other authors/contributors Schurer, Stefanie  |  Melbourne Institute of Applied Economic and Social Research

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