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Unobserved Heterogeneity and Risk in Wage Variance: Does Schooling provide Earnings Insurance?

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Author Info

  • Jacopo Mazza

    (University of Amsterdam)

  • Hans van Ophem

    (University of Amsterdam)

  • Joop Hartog

    (University of Amsterdam)

Abstract

We apply a recently proposed method to disentangle unobserved heterogeneity from risk in returns to education. We replicate the original study on US men and extend to US women, UK men and German men. Most original results are not robust. A college education cannot universally be considered an insurance against unpredictability of wages. One conclusion is unequivocally confirmed: uncertainty strongly dominates unobserved heterogeneity.

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Bibliographic Info

Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 11-045/3.

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Date of creation: 22 Feb 2011
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Handle: RePEc:dgr:uvatin:20110045

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Web page: http://www.tinbergen.nl

Related research

Keywords: wage inequality; wage uncertainty; unobserved heterogeneity; selectivity; education; replication;

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Cited by:
  1. Kässi, Otto, 2012. "Uncertainty and Heterogeneity in Returns to Education: Evidence from Finland," MPRA Paper 48738, University Library of Munich, Germany, revised 01 Aug 2013.

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