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Question: Consider the following 2 period model of optimal schooling with periods P1 (school or work) and P2 (work) - If they attend school, earn no income in P1, and earn WH in P2. - If they do NOT attend school, earn income WL in each period. - There are no costs to schooling, no intrinsic benefits, and people do not discount future earnings. - "Net Income" refers to total (expected) wage earnings. If WH = 10 and WL = 7, will they choose school or not? Set WH, WL and back to arbitrary parameter values (letters not real numbers). Now also suppose that, after schooling, the individual will only get a job paying WH in period 2 with probability J (0 ≤ J ≤ 1), otherwise they get a job at the un-skilled wage WL. If J = 0, what is the expected wage in the second period if the individual goes to school?
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