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Returns to education in Spain: Some evidence on the endogeneity of schooling

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Author Info
M. Arrazola
J. De Hevia
M. Risueño
J. F. Sanz
Abstract

In this article, rates of return to education for Spanish male employees are calculated and compared using different methods. We derive rates of return from the estimation of three alternative models of human capital. The rates of return obtained by each of these models are different when they are calculated by least squares. Nevertheless, when the endogeneity of education is considered, the rates of return obtained from each of these models are approximately the same, reaching a value close to 9%. In addition, we compute internal rates of return on investments in education. We find that, on average, social returns are about two points lower than private ones.

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Article provided by Taylor and Francis Journals in its journal Education Economics.

Volume (Year): 11 (2003)
Issue (Month): 3 (December)
Pages: 293-304
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Handle: RePEc:taf:edecon:v:11:y:2003:i:3:p:293-304

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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. Harmon, C & Ian Walker, 1995. "Estimates of the economic return to schooling for the UK," IFS Working Papers W95/12, Institute for Fiscal Studies.
  2. David Card, 2000. "Estimating the Return to Schooling: Progress on Some Persistent Econometric Problems," NBER Working Papers 7769, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Griliches, Zvi, 1977. "Estimating the Returns to Schooling: Some Econometric Problems," Econometrica, Econometric Society, vol. 45(1), pages 1-22, January. [Downloadable!] (restricted)
  4. Colm Harmon; & Ian Walker, 1995. "Estimates of Economic Return to Schooling in the UK," Economics, Finance and Accounting Department Working Paper Series n540195, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth.
  5. Card, David, 1999. "The causal effect of education on earnings," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 30, pages 1801-1863 Elsevier. [Downloadable!] (restricted)
  6. Psacharopoulos, George, 1994. "Returns to investment in education: A global update," World Development, Elsevier, vol. 22(9), pages 1325-1343, September. [Downloadable!] (restricted)
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  7. Johnson, Thomas, 1970. "Returns from Investment in Human Capital," American Economic Review, American Economic Association, vol. 60(4), pages 546-60, September. [Downloadable!] (restricted)
  8. Andrea Ichino & Rudolf Winter-Ebmer, 2004. "The Long-Run Educational Cost of World War II," Journal of Labor Economics, University of Chicago Press, vol. 22(1), pages 57-86, January. [Downloadable!]
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  1. Laura de Pablos Escobar & María Gil Izquierdo, 2006. "Movilidad de rentas y salarios desde una perspectiva de género: el papel de la educación," Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales 06-02, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales. [Downloadable!]
  2. Claudio Sapelli., 2009. "Los Retornos a la Educación en Chile: Estimaciones por Corte Transversal y por Cohortes," Documentos de Trabajo 349, Instituto de Economía. Pontificia Universidad Católica de Chile.. [Downloadable!]
  3. Abbas, Qaisar & Foreman-Peck, James, 2007. "The Mincer Human Capital Model in Pakistan: Implications for Education Policy," Cardiff Economics Working Papers E2007/24, Cardiff University, Cardiff Business School, Economics Section. [Downloadable!]
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