How much does education matter and why?
AbstractThis article explores the total (measured and unmeasured) effect of education on different socio-economic outcomes. The analysis shows that the usual regression models typically underestimate the effects of education. The effects of education are decomposed into three sources of variation: courses of study, schools and student composition. Schools do not seem to have a large impact. A significant part of the effect of education stems from differential selection of students into courses of study. However, there is a notable difference between social and economic rewards. Apart from level of education, selectivity and specificity of the course of study turn out to affect the labor market outcomes
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Bibliographic InfoPaper provided by Maastricht : ROA, Research Centre for Education and the Labour Market in its series Research Memoranda with number 003.
Date of creation: 2004
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Web page: http://www.maastrichtuniversity.nl/web/UMPublications.htm
labour market entry and occupational careers;
Other versions of this item:
- Velden, Rolf K.W. van der & Wolbers, Maarten H.J., 2007. "How much does education matter and why?," Open Access publications from Maastricht University urn:nbn:nl:ui:27-17101, Maastricht University.
- NEP-ALL-2004-06-22 (All new papers)
- NEP-LAB-2004-06-22 (Labour Economics)
- NEP-URE-2004-06-22 (Urban & Real Estate Economics)
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UNU-MERIT Working Paper Series
013, United Nations University, Maastricht Economic and social Research and training centre on Innovation and Technology.
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