The study looked at how different levels of education affect wages. They found that having more wage variation based on education can increase wages, while having a skewed distribution can decrease wages. This means that people who are more risk-averse tend to earn more when there is more variation in wages based on education. The impact of wage variation on wages differs for individuals and changes depending on where they fall in the wage distribution. People at the higher end of the wage distribution are more affected by wage variation and skewness.