@article{Caliendo2020,
  author    = {Caliendo, Marco},
  title     = {F{\"u}nf Jahre Mindestlohn},
  series = {ifo Schnelldienst},
  volume    = {73},
  journal   = {ifo Schnelldienst},
  number    = {4},
  publisher = {Institut f{\"u}r Wirtschaftsforschung},
  address   = {M{\"u}nchen},
  issn      = {0018-974X},
  pages     = {23 -- 28},
  year      = {2020},
  abstract  = {Die Einf{\"u}hrung des gesetzlichen Mindestlohns zum 1. Januar 2015 war nach der Agenda 2010 die bedeutendste Arbeitsmarktreform der letzten 20 Jahre. Durch das relativ hohe Eingriffsniveau - etwa 4 Millionen oder 11\% aller Erwerbst{\"a}tigen verdienten vor der Einf{\"u}hrung weniger als die neue Bruttolohnuntergrenze von 8,50 Euro pro Stunde - und die nahezu umfassende G{\"u}ltigkeit, waren Hoffnungen und Bef{\"u}rchtungen gleichermaßen groß und viele Fragen zu den Wirkungen offen. Heute, f{\"u}nf Jahre nach der Einf{\"u}hrung und basierend auf zahlreichen, breit angelegten Evaluationsstudien, ist es Zeit f{\"u}r eine Zwischenbilanz. Die L{\"o}hne im unteren Bereich sind gestiegen, ohne dass es zu einem gr{\"o}ßeren Abbau an Besch{\"a}ftigung gekommen ist. Gleichzeitig hat der Mindestlohn aber nicht die Zahl der Transferbezieher verringert. Auch das Armutsrisiko hat nicht abgenommen. Der Mindestlohn ist in vielerlei Hinsicht nicht existenzsichernd und wird auch nicht vollumf{\"a}nglich durchgesetzt. Insofern wurde f{\"u}nf Jahre nach der Einf{\"u}hrung zwar einiges erreicht, wichtige Ziele aber auch verfehlt. Die Politik ist gefordert.},
  language  = {de}
}
@article{CaliendoKuenn2015,
  author    = {Caliendo, Marco and K{\"u}nn, Steffen},
  title     = {Getting back into the labor market: the effects of start-up subsidies for unemployed females},
  series = {Journal of population economics},
  volume    = {28},
  journal   = {Journal of population economics},
  number    = {4},
  publisher = {Springer},
  address   = {New York},
  issn      = {0933-1433},
  doi       = {10.1007/s00148-015-0540-5},
  pages     = {1005 -- 1043},
  year      = {2015},
  abstract  = {Low female labor market participation is a problem many developed countries have to face. Beside activating inactive women, one possible solution is to support the re-integration of unemployed women. Due to female-specific labor market constraints (preferences for flexible working hours, discrimination), this is a difficult task, and the question arises whether active labor market policies (ALMP) are an appropriate tool to help. It has been shown that the effectiveness of traditional (ALMP) programs-which focus on the integration in dependent (potentially inflexible) employment-is positive but limited. At the same time, recent evidence for Austria shows that these programs reduce fertility which might be judged unfavorable from a societal perspective. Promoting self-employment among unemployed women might therefore be a promising alternative. Starting their own business might give women more independence and flexibility to reconcile work and family and increase labor market participation. Based on long-term informative data, we find that start-up programs persistently integrate former unemployed women into the labor market, and the impact on fertility is less detrimental than for traditional ALMP programs.},
  language  = {en}
}
@article{CaliendoCobbClarkHenneckeetal.2019,
  author    = {Caliendo, Marco and Cobb-Clark, Deborah A. and Hennecke, Juliane and Uhlendorff, Arne},
  title     = {Locus of control and internal migration},
  series = {Regional science and urban economics},
  volume    = {79},
  journal   = {Regional science and urban economics},
  publisher = {Elsevier},
  address   = {Amsterdam},
  issn      = {0166-0462},
  doi       = {10.1016/j.regsciurbeco.2019.103468},
  pages     = {19},
  year      = {2019},
  abstract  = {We model migration across domestic labor markets (internal migration) as the outcome of a job search process in which job seekers form subjective beliefs about the return search effort that are related to their locus of control. Job seekers with an internal locus of control are predicted to search across larger geographic areas and migrate more frequently as a result. We empirically test the relationship between locus of control and the propensity to migrate using data from the German Socio-Economic Panel (SOEP). We find that not only do individuals with an internal locus of control express more willingness to migrate, they do in fact also migrate more often.},
  language  = {en}
}
@article{CaliendoCobbClarkObstetal.2022,
  author    = {Caliendo, Marco and Cobb-Clark, Deborah A. and Obst, Cosima and Seitz, Helke and Uhlendorff, Arne},
  title     = {Locus of control and investment in training},
  series = {Journal of human resources},
  volume    = {57},
  journal   = {Journal of human resources},
  number    = {4},
  publisher = {University of Wisconsin Press},
  address   = {Madison},
  issn      = {0022-166X},
  doi       = {10.3368/jhr.57.4.0318-9377R2},
  pages     = {1311 -- 1349},
  year      = {2022},
  abstract  = {We extend standard models of work-related training by explicitly incorporating workers' locus of control into the investment decision through the returns they expect. Our model predicts that higher internal control results in increased take-up of general, but not specific, training. This prediction is empirically validated using data from the German Socioeconomic Panel (SOEP). We provide empirical evidence that locus of control influences participation in training through its effect on workers' expectations about future wage increases rather than actual wage increases. Our results provide an important explanation for underinvestment in training and suggest that those with an external sense of control may require additional training support.},
  language  = {en}
}
@article{CaliendoCobbClarkUhlendorff2015,
  author    = {Caliendo, Marco and Cobb-Clark, Deborah A. and Uhlendorff, Arne},
  title     = {Locus of control and job search strategies},
  series = {The review of economics and statistics},
  volume    = {97},
  journal   = {The review of economics and statistics},
  number    = {1},
  publisher = {MIT Press},
  address   = {Cambridge},
  issn      = {0034-6535},
  doi       = {10.1162/REST_a_00459},
  pages     = {88 -- 103},
  year      = {2015},
  abstract  = {Standard job search theory assumes that unemployed individuals have perfect information about the effect of their search effort on the job offer arrival rate. We present an alternative model that assumes that each individual has a subjective belief about the impact of her search effort on the job arrival. These beliefs depend in part on an individual's locus of control. We estimate the impact of locus of control on job search behavior using a data set of newly unemployed individuals in Germany. Consistent with our theoretical predictions, we find evidence that individuals with an internal locus of control search more and that individuals who believe that their future outcomes are determined by external factors have lower reservation wages.},
  language  = {en}
}
@techreport{CaliendoCobbClarkSilvaGoncalvesetal.2023,
  type      = {Working Paper},
  author    = {Caliendo, Marco and Cobb-Clark, Deborah A. and Silva-Goncalves, Juliana and Uhlendorff, Arne},
  title     = {Locus of control and the preference for agency},
  series = {IZA discussion paper},
  volume    = {No. 16061},
  journal   = {IZA discussion paper},
  publisher = {Elsevier},
  address   = {Amsterdam},
  issn      = {2365-9793},
  doi       = {10.2139/ssrn.4416820},
  pages     = {49},
  year      = {2023},
  abstract  = {We conduct a laboratory experiment to study how locus of control operates through people's preferences and beliefs to influence their decisions. Using the principal-agent setting of the delegation game, we test four key channels that conceptually link locus of control to decision-making: (i) preference for agency; (ii) optimism and (iii) confidence regarding the return to effort; and (iv) illusion of control. Knowing the return and cost of stated effort, principals either retain or delegate the right to make an investment decision that generates payoffs for themselves and their agents. Extending the game to the context in which the return to stated effort is unknown allows us to explicitly study the relationship between locus of control and beliefs about the return to effort. We find that internal locus of control is linked to the preference for agency, an effect that is driven by women. We find no evidence that locus of control influences optimism and confidence about the return to stated effort, or that it operates through an illusion of control.},
  language  = {en}
}
@article{CaliendoCobbClarkSilvaGoncalvesetal.2024,
  author    = {Caliendo, Marco and Cobb-Clark, Deborah A. and Silva-Goncalves, Juliana and Uhlendorff, Arne},
  title     = {Locus of control and the preference for agency},
  series = {European economic review},
  volume    = {165},
  journal   = {European economic review},
  number    = {104737},
  publisher = {Elsevier},
  address   = {Amsterdam},
  issn      = {0014-2921},
  doi       = {10.1016/j.euroecorev.2024.104737},
  pages     = {24},
  year      = {2024},
  abstract  = {We conduct a laboratory experiment to study how locus of control operates through people's preferences and beliefs to influence their decisions. Using the principal-agent setting of the delegation game, we test four key channels that conceptually link locus of control to decision-making: (i) preference for agency, (ii) optimism and (iii) confidence regarding the return to effort, and (iv) illusion of control. Knowing the return and cost of stated effort, principals either retain or delegate the right to make an investment decision that generates payoffs for themselves and their agents. Extending the game to the context in which the return to stated effort is unknown allows us to explicitly study the relationship between locus of control and beliefs about the return to effort. We find that internal locus of control is linked to the preference for agency, an effect that is driven by women. We find no evidence that locus of control influences optimism and confidence about the return to stated effort, or that it operates through an illusion of control.},
  language  = {en}
}
@article{CaliendoCobbClarkPfeiferetal.2023,
  author    = {Caliendo, Marco and Cobb-Clark, Deborah A. and Pfeifer, Harald and Uhlendorff, Arne and Wehner, Caroline},
  title     = {Managers' risk preferences and firm training investments},
  series = {European economic review},
  journal   = {European economic review},
  publisher = {Elsevier},
  address   = {Amsterdam},
  issn      = {0014-2921},
  doi       = {10.1016/j.euroecorev.2023.104616},
  pages     = {36},
  year      = {2023},
  abstract  = {This study analyses the impact of managers' risk preferences on their training allocation decisions. We begin by providing nationally representative evidence that managers' risk-aversion is negatively correlated with the likelihood that their firms engage in any worker training. Using a novel vignette study, we then demonstrate that risk-tolerant and risk-averse decision makers have significantly different training preferences. Risk aversion results in increased sensitivity to turnover risk. Managers who are risk-averse offer less general training and are more reluctant to train workers with a history of job mobility. Adopting a weighting approach to flexibly control for observed differences in the characteristics of risk-averse and risk-tolerant managers, we show that our findings cannot be explained by heterogeneity in either managers' observed characteristics or the type of firms where they work. All managers, irrespective of their risk preferences, are sensitive to the investment risk associated with training, avoiding training that is more costly or that targets those with less occupational expertise or nearing retirement. This provides suggestive evidence that the risks of training are primarily due to the risk that trained workers will leave the firm (turnover risk) rather than the risk that the benefits of training do not outweigh the costs (investment risk).},
  language  = {en}
}
@techreport{CaliendoCobbClarkPfeiferetal.2022,
  type      = {Working Paper},
  author    = {Caliendo, Marco and Cobb-Clark, Deborah A. and Pfeifer, Harald and Uhlendorff, Arne and Wehner, Caroline},
  title     = {Managers' Risk Preferences and Firm Training Investments},
  series = {CEPA Discussion Papers},
  journal   = {CEPA Discussion Papers},
  number    = {44},
  issn      = {2628-653X},
  doi       = {10.25932/publishup-53843},
  url       = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-538439},
  pages     = {45},
  year      = {2022},
  abstract  = {We provide the first estimates of the impact of managers' risk preferences on their training allocation decisions. Our conceptual framework links managers' risk preferences to firms' training decisions through the bonuses they expect to receive. Risk-averse managers are expected to select workers with low turnover risk and invest in specific rather than general training. Empirical evidence supporting these predictions is provided using a novel vignette study embedded in a nationally representative survey of firm managers. Risk-tolerant and risk-averse decision makers have significantly different training preferences. Risk aversion results in increased sensitivity to turnover risk. Managers who are risk-averse offer significantly less general training and, in some cases, are more reluctant to train workers with a history of job mobility. All managers, irrespective of their risk preferences, are sensitive to the investment risk associated with training, avoiding training that is more costly or targets those with less occupational expertise or nearing retirement. This suggests the risks of training are primarily due to the risk that trained workers will leave the firm (turnover risk) rather than the risk that the benefits of training do not outweigh the costs (investment risk).},
  language  = {en}
}
@techreport{CaliendoTuebbicke2019,
  type      = {Working Paper},
  author    = {Caliendo, Marco and T{\"u}bbicke, Stefan},
  title     = {New Evidence on Long-Term Effects of Start-Up Subsidies},
  series = {CEPA Discussion Papers},
  journal   = {CEPA Discussion Papers},
  number    = {6},
  issn      = {2628-653X},
  doi       = {10.25932/publishup-42679},
  url       = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-426798},
  pages     = {41},
  year      = {2019},
  abstract  = {The German start-up subsidy (SUS) program for the unemployed has recently undergone a major make-over, altering its institutional setup, adding an additional layer of selection and leading to ambiguous predictions of the program's effectiveness. Using propensity score matching (PSM) as our main empirical approach, we provide estimates of long-term effects of the post-reform subsidy on individual employment prospects and labor market earnings up to 40 months after entering the program. Our results suggest large and persistent long-term effects of the subsidy on employment probabilities and net earned income. These effects are larger than what was estimated for the pre-reform program. Extensive sensitivity analyses within the standard PSM framework reveal that the results are robust to different choices regarding the implementation of the weighting procedure and also with respect to deviations from the conditional independence assumption. As a further assessment of the results' sensitivity, we go beyond the standard selection-on-observables approach and employ an instrumental variable setup using regional variation in the likelihood of receiving treatment. Here, we exploit the fact that the reform increased the discretionary power of local employment agencies in allocating active labor market policy funds, allowing us to obtain a measure of local preferences for SUS as the program of choice. The results based on this approach give rise to similar estimates. Thus, our results indicating that SUS are still an effective active labor market program after the reform do not appear to be driven by "hidden bias".},
  language  = {en}
}
@article{CaliendoTuebbicke2019,
  author    = {Caliendo, Marco and T{\"u}bbicke, Stefan},
  title     = {New evidence on long-term effects of start-up subsidies},
  series = {Empirical economics},
  volume    = {59},
  journal   = {Empirical economics},
  number    = {4},
  publisher = {Physica-Verlag},
  address   = {Heidelberg},
  issn      = {0377-7332},
  doi       = {10.1007/s00181-019-01701-9},
  pages     = {1605 -- 1631},
  year      = {2019},
  abstract  = {The German start-up subsidy (SUS) program for the unemployed has recently undergone a major makeover, altering its institutional setup, adding an additional layer of selection and leading to ambiguous predictions of the program's effectiveness. Using propensity score matching (PSM) as our main empirical approach, we provide estimates of long-term effects of the post-reform subsidy on individual employment prospects and labor market earnings up to 40 months after entering the program. Our results suggest large and persistent long-term effects of the subsidy on employment probabilities and net earned income. These effects are larger than what was estimated for the pre-reform program. Extensive sensitivity analyses within the standard PSM framework reveal that the results are robust to different choices regarding the implementation of the weighting procedure and also with respect to deviations from the conditional independence assumption. As a further assessment of the results' sensitivity, we go beyond the standard selection-on-observables approach and employ an instrumental variable setup using regional variation in the likelihood of receiving treatment. Here, we exploit the fact that the reform increased the discretionary power of local employment agencies in allocating active labor market policy funds, allowing us to obtain a measure of local preferences for SUS as the program of choice. The results based on this approach give rise to similar estimates. Thus, our results indicating that SUS are still an effective active labor market program after the reform do not appear to be driven by "hidden bias."},
  language  = {en}
}
@article{CaliendoGehrsitz2016,
  author    = {Caliendo, Marco and Gehrsitz, Markus},
  title     = {Obesity and the labor market: A fresh look at the weight penalty},
  series = {Inorganics : open access journal},
  volume    = {23},
  journal   = {Inorganics : open access journal},
  publisher = {Elsevier},
  address   = {Amsterdam},
  issn      = {1570-677X},
  doi       = {10.1016/j.ehb.2016.09.004},
  pages     = {209 -- 225},
  year      = {2016},
  language  = {en}
}
@article{CaliendoGraeberKritikosetal.2022,
  author    = {Caliendo, Marco and Graeber, Daniel and Kritikos, Alexander and Seebauer, Johannes},
  title     = {Pandemic depression},
  series = {Entrepreneurship theory and practice},
  volume    = {47},
  journal   = {Entrepreneurship theory and practice},
  number    = {3},
  publisher = {SAGE Publishing},
  address   = {Thousand Oaks},
  issn      = {1042-2587},
  doi       = {10.1177/10422587221102106},
  pages     = {788 -- 830},
  year      = {2022},
  abstract  = {We investigate the effect of the COVID-19 pandemic on self-employed people's mental health. Using representative longitudinal survey data from Germany, we reveal differential effects by gender: whereas self-employed women experienced a substantial deterioration in their mental health, self-employed men displayed no significant changes up to early 2021. Financial losses are important in explaining these differences. In addition, we find larger mental health responses among self-employed women who were directly affected by government-imposed restrictions and bore an increased childcare burden due to school and daycare closures. We also find that self-employed individuals who are more resilient coped better with the crisis.},
  language  = {en}
}
@techreport{CaliendoGraeberKritikosetal.2022,
  type      = {Working Paper},
  author    = {Caliendo, Marco and Graeber, Daniel and Kritikos, Alexander and Seebauer, Johannes},
  title     = {Pandemic Depression: COVID-19 and the Mental Health of the Self-Employed},
  series = {CEPA Discussion Papers},
  journal   = {CEPA Discussion Papers},
  number    = {46},
  issn      = {2628-653X},
  doi       = {10.25932/publishup-54899},
  url       = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-548999},
  pages     = {65},
  year      = {2022},
  abstract  = {We investigate the effect of the COVID-19 pandemic on self-employed people's mental health. Using representative longitudinal survey data from Germany, we reveal differential effects by gender: whereas self-employed women experienced a substantial deterioration in their mental health, self-employed men displayed no significant changes up to early 2021. Financial losses are important in explaining these differences. In addition, we find larger mental health responses among self-employed women who were directly affected by government-imposed restrictions and bore an increased childcare burden due to school and daycare closures. We also find that self-employed individuals who are more resilient coped better with the crisis.},
  language  = {en}
}
@article{CaliendoFossenKritikos2021,
  author    = {Caliendo, Marco and Fossen, Frank M. and Kritikos, Alexander},
  title     = {Personality characteristics and the decision to hire},
  series = {Industrial and corporate change},
  volume    = {31},
  journal   = {Industrial and corporate change},
  number    = {3},
  publisher = {Oxford University Press},
  address   = {Oxford},
  issn      = {0960-6491},
  doi       = {10.1093/icc/dtab062},
  pages     = {736 -- 761},
  year      = {2021},
  abstract  = {As the policy debate on entrepreneurship increasingly centers on firm growth in terms of job creation, it is important to understand whether the personality of entrepreneurs drives the first hiring in their firms. Using the German Socio-Economic Panel (SOEP), we analyze to what extent personality traits influence the probability of becoming an employer. The results indicate that personality matters. Risk tolerance unfolds the strongest influence on hiring, shortening the time until entrepreneurs hire their first employee; the effect size of a one-standard-deviation increase in risk tolerance is similar to that of having a university degree. Moreover, individuals who are more open to experience, more conscientious, and more trustful are more likely to hire upon establishing their business.},
  language  = {en}
}
@article{CaliendoFossenKritikos2014,
  author    = {Caliendo, Marco and Fossen, Frank and Kritikos, Alexander},
  title     = {Personality characteristics and the decisions to become and stay self-employed},
  series = {Small business economics : an international journal},
  volume    = {42},
  journal   = {Small business economics : an international journal},
  number    = {4},
  publisher = {Springer},
  address   = {Dordrecht},
  issn      = {0921-898X},
  doi       = {10.1007/s11187-013-9514-8},
  pages     = {787 -- 814},
  year      = {2014},
  abstract  = {Based on a large, representative German household panel, we investigate to what extent the personality of individuals influences the entry decision into and the exit decision from self-employment. We reveal that some traits, such as openness to experience, extraversion, and risk tolerance affect entry, but different ones, such as agreeableness or different parameter values of risk tolerance, affect exit from self-employment. Only locus of control has a similar influence on the entry and exit decisions. The explanatory power of all observed traits among all observable variables amounts to 30 \%, with risk tolerance, locus of control, and openness having the highest explanatory power.},
  language  = {en}
}
@article{CaliendoKuennWeissenberger2016,
  author    = {Caliendo, Marco and Kuenn, Steffen and Weißenberger, Martin},
  title     = {Personality traits and the evaluation of start-up subsidies},
  series = {European economic review},
  volume    = {86},
  journal   = {European economic review},
  publisher = {Elsevier},
  address   = {Amsterdam},
  issn      = {0014-2921},
  doi       = {10.1016/j.euroecorev.2015.11.008},
  pages     = {87 -- 108},
  year      = {2016},
  abstract  = {Many countries support business start-ups to spur economic growth and reduce unemployment with different programmes. Evaluation studies of such programmes commonly rely on the conditional independence assumption (CIA), allowing a causal interpretation of the results only if all relevant variables affecting participation and success are accounted for. While the entrepreneurship literature has emphasised the important role of personality traits as predictors for start-up decisions and business success, these variables were neglected in evaluation studies so far due to data limitations. In this paper, we evaluate a new start-up subsidy for unemployed individuals in Germany using propensity score matching under the CIA. Having access to rich administrative-survey data allows us to incorporate usually unobserved personality measures in the evaluation and investigate their impact on the estimated effects. We find strong positive effects on labour market reintegration and earned income for the new programme. Most importantly, results including and excluding individuals\&\#1523; personalities do not differ significantly, implying that concerns about potential overestimation of programme effects in the absence of personality measures might be less justified if the set of other control variables is rich enough.},
  language  = {en}
}
@article{CaliendoKuenn2014,
  author    = {Caliendo, Marco and Kuenn, Steffen},
  title     = {Regional effect heterogeneity of start-up subsidies for the unemployed},
  series = {Regional studies},
  volume    = {48},
  journal   = {Regional studies},
  number    = {6},
  publisher = {Routledge, Taylor \& Francis Group},
  address   = {Abingdon},
  issn      = {0034-3404},
  doi       = {10.1080/00343404.2013.851784},
  pages     = {1108 -- 1134},
  year      = {2014},
  abstract  = {Sin embargo, todavia no se han analizado los efectos potencialmente heterogeneos de los programas para proyectos empresariales en los diferentes mercados laborales de ambito regional. Las restricciones en la demanda de empleo en areas mas desfavorecidas generalmente hacen aumentar el numero de personas que aprovechan estos programas porque las ofertas laborales son limitadas. Sin embargo, la supervivencia de empresas en estas areas es tambien mas baja, de modo que sigue sin estar claro el efecto general. Basandonos en datos alemanes, observamos que el proceso de creacion, el desarrollo de negocios y la eficacia de los programas estan influenciados por las condiciones economicas imperantes en el momento de la creacion de la empresa.},
  language  = {en}
}
@misc{CaliendoGrammigSchneider2020,
  author    = {Caliendo, Marco and Grammig, Joachim and Schneider, Hilmar},
  title     = {Reinhard Hujer},
  series = {AStA Wirtschafts- und Sozialstatistisches Archiv},
  volume    = {14},
  journal   = {AStA Wirtschafts- und Sozialstatistisches Archiv},
  number    = {3-4},
  publisher = {Springer},
  address   = {Berlin},
  issn      = {1863-8155},
  doi       = {10.1007/s11943-020-00277-6},
  pages     = {219 -- 223},
  year      = {2020},
  language  = {de}
}
@article{CaliendoCobbClarkObstetal.2022,
  author    = {Caliendo, Marco and Cobb-Clark, Deborah A. and Obst, Cosima and Uhlendorff, Arne},
  title     = {Risk preferences and training investments},
  series = {Journal of economic behavior \& organization},
  volume    = {205},
  journal   = {Journal of economic behavior \& organization},
  publisher = {Elsevier},
  address   = {Amsterdam},
  issn      = {0167-2681},
  doi       = {10.1016/j.jebo.2022.11.024},
  pages     = {668 -- 686},
  year      = {2022},
  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, consistent with our conceptual framework, 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}
}