Question: Describe the basic self-selection issue involved whenever discussing the returns to education. a. Does the fact that some high school or college dropouts go on

Describe the basic self-selection issue involved whenever discussing the returns to education.

a. Does the fact that some high school or college dropouts go on to earn vast amounts of money (e.g., Bill Gates dropped out of Harvard without ever graduating) contradict the self-selection story?

b. Most government-provided job training programs are optional to the worker. Describe how the self-selection issue might be used to call into question empirical results suggesting there are large economic benefits to be gained by requiring all workers to receive government-provided job training.

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2. Find out if there are other reference points that can be used as reasonable alternatives.

1. Identify your reference point when making a decision based on an element of risk.

3. If there are reasonable alternatives, think about your decisions based on the different reference points and see if there are any contradictions in the decisions.