Cómo deciden los individuos en el mercado laboral? Modelos y estimaciones para Colombia

Neoclassical models of choice are estimated for the Colombian labor market. In a first approach, it is assumed that labor market choices are sequential: first, agents decide whether they pay participate or not; if they do, they choose to be employed or continue to search; if they decide to be employed, job quality is determined: formal or informal. Subsequently, estimations are made as if labor decisions were simultaneous. There is evidence that shows that the latter seems to be more adequate for the Colombian labor market. Education is estimated as the more important labor characteristic for improving social welfare. [PUBLICATION ABSTRACT]