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Labor Economics Consider two options for estimating an occupational choice model: (1) a static version of the Roy model, (2) a dynamic programming model. Compare
Labor Economics
Consider two options for estimating an occupational choice model: (1) a static version of the Roy model, (2) a dynamic programming model. Compare and contrast the two approaches. Your answer must include equations, and a careful description of the similarities and differences between the two approaches. In particular, discuss the benefits and potential drawbacks of each. What are the benefits, if any, of the dynamic model?
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