Unlocking the potential of LSTM for accurate salary prediction with MLE, Jeffreys prior, and advanced risk functions

This article aims to address the challenge of predicting the salaries of college graduates, a subject of significant practical value in the fields of human resources and career planning. Traditional prediction models often overlook diverse influencing factors and complex data distributions, limiting the accuracy and reliability of their predictions. Against this backdrop, we propose a novel prediction model that integrates maximum likelihood estimation (MLE), Jeffreys priors, Kullback-Leibler risk function, and Gaussian mixture models to optimize LSTM models in deep learning. Compared to existing research, our approach has multiple innovations: First, we successfully improve the model's predictive accuracy through the use of MLE. Second, we reduce the model's complexity and enhance its interpretability by applying Jeffreys priors. Lastly, we employ the Kullback-Leibler risk function for model selection and optimization, while the Gaussian mixture models further refine the capture of complex characteristics of salary distribution. To validate the effectiveness and robustness of our model, we conducted experiments on two different datasets. The results show significant improvements in prediction accuracy, model complexity, and risk performance. This study not only provides an efficient and reliable tool for predicting the salaries of college graduates but also offers robust theoretical and empirical foundations for future research in this field.

The long-term effects of labor market entry in a recession: Evidence from the Asian financial crisis

This study investigates the long-term effects of initial labor market conditions by comparing cohorts who graduated from college before, during, and after the 1997-1998 Asian financial crisis in South Korea. We measure the overall welfare effect by examining their labor market activities, family formation, and household finances. Using data from 20 waves of the Korean Labor and Income Panel Study, we find a substantial and persistent reduction in employment, earnings, marriage, fertility, and asset building among men who graduated during the recession. For women, limited job opportunities at graduation resulted in an increase in childbearing. We also find evidence that family provides a risk-sharing mechanism for recession graduates. Our results suggest that labor market entry in a large-scale recession has prolonged effects on a young worker's life course even after the penalties in the labor market have disappeared.