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Estimating the Rate of Return to Education using Microsimulation

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Author Info
Cathal O'Donoghue (University of Cambridge)

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Abstract

This paper attempts to use microsimulation methods to compare returns to education in four European countries, Germany, Ireland, Italy and the United Kingdom. This paper broadens the type of measure used to measure the return to education to include interactions with public taxtransfer systems and to consider the effect of differential employment rates on education. Mincer style wage equations are estimated for each country in order to model the return to education of gross earnings. These estimates are then incorporated into a microsimulation model to estimate social, private and fiscal returns to education in the countries. Both point estimates and a distribution of the rates of return are described.

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File URL: http://www.esr.ie/vol30_3/3_O%27Donoghue.pdf
File Format: application/pdf
File Function: First version, 1999
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Publisher Info
Article provided by Economic and Social Studies in its journal Economic and Social Review.

Volume (Year): 30 (1999)
Issue (Month): 3 ()
Pages: 249-265
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Handle: RePEc:eso:journl:v:30:y:1999:i:3:p:249-265

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  1. Sutherland, H., 1995. "Static Microsimulation Models in Europe: A Survey," Cambridge Working Papers in Economics 9523, Faculty of Economics, University of Cambridge.
  2. Andrew Glyn & Wiener Salverda, 2000. "Employment Inequalities," Macroeconomics 0004039, EconWPA. [Downloadable!]
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  3. Bourguignon F & O'donoghue C & Sastre-descals J & Spadaro A & Utili F, 1998. "Technical Description of Eur3: A Prototype European Tax-Benefit Model," Microsimulation Unit Research Notes MU/RN/25, Microsimulation Unit at the Institute for Social and Economic Research. [Downloadable!]
  4. Callan, T. & Harmon, C.P., 1997. "The Economic Return to Schooling in Ireland," Papers 97/23, College Dublin, Department of Political Economy-.
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  5. Psacharopoulos, George, 1993. "Returns to investment in education : a global update," Policy Research Working Paper Series 1067, The World Bank. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Angel de la Fuente & Juan Francisco Jimeno, 2004. "The private and fiscal returns to schooling and the effect of public policies on private incentives to invest in education: a general framework and some results for the EU," UFAE and IAE Working Papers 635.04, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC). [Downloadable!]
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