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Do Double Majors Face Less Risk? An Analysis of Human Capital Diversification

Author

Listed:
  • Andrew S. Hanks
  • Shengjun Jiang
  • Xuechao Qian
  • Bo Wang
  • Bruce A. Weinberg

Abstract

We study how human capital diversification, in the form of double majoring, affects the response of earnings to labor market shocks. Double majors experience substantial protection against earnings shocks, of 56%. This finding holds across different model specifications and data sets. Furthermore, the protection double majors experience is more pronounced when the two majors are more distantly related, highlighting the importance of diverse skill sets. Additional analyses demonstrate that double majors are more likely to work in jobs that require a diverse set of skills and knowledge and are less likely to work in occupations that are closely related to their majors.

Suggested Citation

  • Andrew S. Hanks & Shengjun Jiang & Xuechao Qian & Bo Wang & Bruce A. Weinberg, 2024. "Do Double Majors Face Less Risk? An Analysis of Human Capital Diversification," NBER Working Papers 32095, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:32095
    Note: ED LS
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    More about this item

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • I23 - Health, Education, and Welfare - - Education - - - Higher Education; Research Institutions
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General

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