Modeling Career Choice

[oyamad]

1. The outcome of career/career_vf_plot.py does not look nice like the figure in the lecture.

2. In the solution to Exercise 1:

   • max_iter=200 should be added to compute_fixed_point.
   • The line theta_path, epsilon_path = gen_path() should be placed inside the for ax in axes loop.

3. In the solution to Exercise 2, for the case of beta=0.99:

   • The median should be about 14, rather than 11 as stated.
   • If one wants to avoid getting a RuntimeWarning from non convergence, max_iter should be set, for example, to 1000 (if the default tolerance is used).

[jstac]

@oyamad Thanks!

[natashawatkins]

Hi @oyamad, did you want to add max_iter=1000 in the sentence "To compute the median with β=0.99β=0.99 instead of the default value β=0.95β=0.95, replace wp = CareerWorkerProblem() with wp = CareerWorkerProblem(beta=0.99)" ?

[GusHebblewhite]

It seems like the relevant sentence has been added, although CareerWorkerProblem() cannot take a max_iter argument. I'll fix this now.

[GusHebblewhite]

Fixed here: https://github.com/jstac/QuantEcon.lectures/pull/834

I think this issue is ready to be closed.