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Perceived rates of return to higher education: Further evidence from Cyprus

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  • Menon, Maria Eliophotou
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    Abstract

    The paper provides new estimates of the perceived rates of return to higher education in Cyprus and compares them to previous estimates for the year 1994 in the same country. Both the elaborate and the short-cut methods are used in the estimation of rates of return. The estimated rates are entered as independent variables in logistic regression analysis in order to study the effect of economic considerations on the decision of secondary school students to pursue higher education. The findings show an increase in the perceived rate of return for both higher education and labour market entrants. In agreement with human capital theory, the mean rate of return to higher education expected by higher education candidates is considerably higher than that expected by labour market entrants. In two logistic regression models, the perceived rate of return to higher education, as estimated by both the elaborate and the short-cut methods, has a significant effect on the students' intention to pursue higher studies.

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    Bibliographic Info

    Article provided by Elsevier in its journal Economics of Education Review.

    Volume (Year): 27 (2008)
    Issue (Month): 1 (February)
    Pages: 39-47

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    Handle: RePEc:eee:ecoedu:v:27:y:2008:i:1:p:39-47

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    Web page: http://www.elsevier.com/locate/econedurev

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    1. Psacharopoulos, George, 1994. "Returns to investment in education: A global update," World Development, Elsevier, vol. 22(9), pages 1325-1343, September.
    2. Botelho, Anabela & Pinto, Ligia Costa, 2004. "Students' expectations of the economic returns to college education: results of a controlled experiment," Economics of Education Review, Elsevier, vol. 23(6), pages 645-653, December.
    3. Psacharopoulos, George & Patrinos, Harry Anthony, 2002. "Returns to investment in education : a further update," Policy Research Working Paper Series 2881, The World Bank.
    4. Menon, Maria Eliophotou, 1997. "Perceived rates of return to higher education in Cyprus," Economics of Education Review, Elsevier, vol. 16(4), pages 425-430, October.
    5. J. Dominitz & C. F. Manski, . "Eliciting student expectations of the returns to schooling," Institute for Research on Poverty Discussion Papers 1049-94, University of Wisconsin Institute for Research on Poverty.
    6. George Psacharopoulos, 1985. "Returns to Education: A Further International Update and Implications," Journal of Human Resources, University of Wisconsin Press, vol. 20(4), pages 583-604.
    7. Kodde, David A, 1986. "Uncertainty and the Demand for Education," The Review of Economics and Statistics, MIT Press, vol. 68(3), pages 460-67, August.
    8. Wolter, Stefan C, 2000. "Wage Expectations: A Comparison of Swiss and US Students," Kyklos, Wiley Blackwell, vol. 53(1), pages 51-69.
    9. Webbink, Dinand & Hartog, Joop, 2004. "Can students predict starting salaries? Yes!," Economics of Education Review, Elsevier, vol. 23(2), pages 103-113, April.
    10. Jacob A. Mincer, 1974. "Schooling, Experience, and Earnings," NBER Books, National Bureau of Economic Research, Inc, number minc74-1, July.
    11. Jacob A. Mincer, 1974. "Introduction to "Schooling, Experience, and Earnings"," NBER Chapters, in: Schooling, Experience, and Earnings, pages 1-4 National Bureau of Economic Research, Inc.
    12. Blaug, Mark, 1976. "The Empirical Status of Human Capital Theory: A Slightly Jaundiced Survey," Journal of Economic Literature, American Economic Association, vol. 14(3), pages 827-55, September.
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    Cited by:
    1. Anchor, John R. & Fiserová, Jana & Mars[iota]ková, Katerina & Urbánek, Václav, 2011. "Student expectations of the financial returns to higher education in the Czech Republic and England: Evidence from business schools," Economics of Education Review, Elsevier, vol. 30(4), pages 673-681, August.

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