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The Effects of Advanced Degrees on the Wage Rates, Hours, Earnings, and Job Satisfaction of Women and Men

In: 50th Celebratory Volume

Author

Listed:
  • Joseph G. Altonji
  • John Eric Humphries
  • Ling Zhong

Abstract

This chapter uses a college-by-graduate degree fixed effects estimator to evaluate the returns to 19 different graduate degrees for men and women. We find substantial variation across degrees, and evidence that OLS overestimates the returns to degrees with the highest average earnings and underestimates the returns to degrees with the lowest average earnings. Second, we decompose the impacts on earnings into effects on wage rates and effects on hours. For most degrees, the earnings gains come from increased wage rates, though hours play an important role in some degrees, such as medicine, especially for women. Third, we estimate the net present value and internal rate of return for each degree, which account for the time and monetary costs of degrees. Finally, we provide descriptive evidence that satisfaction gains are large for some degrees with smaller economic returns, such as education and humanities degrees, especially for men.

Suggested Citation

  • Joseph G. Altonji & John Eric Humphries & Ling Zhong, 2023. "The Effects of Advanced Degrees on the Wage Rates, Hours, Earnings, and Job Satisfaction of Women and Men," Research in Labor Economics, in: 50th Celebratory Volume, volume 50, pages 25-81, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:rleczz:s0147-912120230000050002
    DOI: 10.1108/S0147-912120230000050002
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    Keywords

    I23; I24; I26; J16; Graduate education; returns to education; gender gap; work hours; wage rates; field of graduate study;
    All these keywords.

    JEL classification:

    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
    • I24 - Health, Education, and Welfare - - Education - - - Education and Inequality
    • I26 - Health, Education, and Welfare - - Education - - - Returns to Education
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J28 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Safety; Job Satisfaction; Related Public Policy

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