Conformists or Rebels? Relative Risk Aversion, Educational Decisions, and Social Class Reproduction

Anders Holm; Mads Meier Jæger

Conformists or Rebels? Relative Risk Aversion, Educational Decisions, and Social Class Reproduction

Sociologisk Institut

14 Citationer (Scopus)

Abstract

This paper tests the theory of Relative Risk Aversion (RRA), which argues that educational decisions are intended to minimize the risk of downward social class mobility. We propose a structural model which distinguishes the instantaneous utility of educational decisions from the future utility of these decisions with respect to reproducing one's parents' social class position. We analyse British data and find that RRA accounts for some of the observed social class differences in educational decisions. We also find that while more than 90% of individuals derive utility from reproducing their parents' social class position (RRA 'conformists'), a small group of individuals experience disutility from reaching their parents' social class position (RRA 'rebels'). Individuals who experience disutility from reproducing their parents' social class position are characterized by low cognitive ability and a high incidence of behavioural problems in childhood.

Originalsprog	Dansk
Tidsskrift	Rationality and Society
Vol/bind	24
Udgave nummer	2
Sider (fra-til)	221-253
Antal sider	33
ISSN	1043-4631
Status	Udgivet - maj 2012

Citationsformater

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AB - This paper tests the theory of Relative Risk Aversion (RRA), which argues that educational decisions are intended to minimize the risk of downward social class mobility. We propose a structural model which distinguishes the instantaneous utility of educational decisions from the future utility of these decisions with respect to reproducing one's parents' social class position. We analyse British data and find that RRA accounts for some of the observed social class differences in educational decisions. We also find that while more than 90% of individuals derive utility from reproducing their parents' social class position (RRA 'conformists'), a small group of individuals experience disutility from reaching their parents' social class position (RRA 'rebels'). Individuals who experience disutility from reproducing their parents' social class position are characterized by low cognitive ability and a high incidence of behavioural problems in childhood.

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