@techreport{CaliendoCobbClarkObstetal.2020,
  type      = {Working Paper},
  author    = {Caliendo, Marco and Cobb-Clark, Deborah A. and Obst, Cosima and Uhlendorff, Arne},
  title     = {Risk Preferences and Training Investments},
  series = {CEPA Discussion Papers},
  journal   = {CEPA Discussion Papers},
  number    = {23},
  issn      = {2628-653X},
  doi       = {10.25932/publishup-48092},
  url       = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-480927},
  pages     = {35},
  year      = {2020},
  abstract  = {We analyze workers' risk preferences and training investments. Our conceptual framework differentiates between the investment risk and insurance mechanisms underpinning training decisions. Investment risk leads risk-averse workers to train less; they undertake more training if it insures them against future losses. We use the German Socio-Economic Panel (SOEP) to demonstrate that risk affinity is associated with more training, implying that, on average, investment risks dominate the insurance benefits of training. Crucially, this relationship is evident only for general training; there is no relationship between risk attitudes and specific training. Thus, as expected, risk preferences matter more when skills are transferable - and workers have a vested interest in training outcomes - than when they are not. Finally, we provide evidence that the insurance benefits of training are concentrated among workers with uncertain employment relationships or limited access to public insurance schemes.},
  language  = {en}
}
@techreport{Obst2022,
  type      = {Working Paper},
  author    = {Obst, Cosima},
  title     = {Job Satisfaction and Training Investments},
  series = {CEPA Discussion Papers},
  journal   = {CEPA Discussion Papers},
  number    = {47},
  issn      = {2628-653X},
  doi       = {10.25932/publishup-54912},
  url       = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-549124},
  pages     = {46},
  year      = {2022},
  abstract  = {Job satisfaction has been found to impact behavioral choices at the workplace. Since levels of satisfaction are not guaranteed to remain high, understanding the consequences of job dissatisfaction is essential. Hence, I analyze the relationship between a worker's job satisfaction and her training investments. Based on my theoretical model, I expect a U-shaped relationship if dissatisfied workers attempt to improve the situation or plan to quit. In contrast, there is an overall positive relationship if dissatisfied workers neglect their duties. Using logit regressions with the Household, Income and Labour Dynamics in Australia (HILDA) survey I find tentative evidence that there is on average an overall positive relationship with a 1 standard deviation increase in job satisfaction being associated with a 1.5\% increased likelihood of participating in training. A closer inspection of the reasons for training as well as quit intentions reveals some hints of a U-shaped relationship. My results highlight the importance of considering the source of dissatisfaction as there are heterogeneous effects along different job satisfaction facets.},
  language  = {en}
}