Learning About Heterogeneity in Returns to Schooling
AbstractUsing data from the National Longitudinal Survey of Youth (NLSY) we introduce and estimate various Bayesian hierarchical models that investigate the nature of unobserved heterogeneity in returns to schooling. We consider a variety of possible forms for the heterogeneity, some motivated by previous theoretical and empirical work and some new ones, and let the data decide among the competing specifications. Empirical results indicate that heterogeneity is present in returns to education. Furthermore, we find strong evidence that the heterogeneity follows a continuous rather than discrete distribution, and that bivariate Normality provides a very reasonable description of individual-level heterogeneity in intercepts and returns to schooling.
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Bibliographic InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 12008.
Date of creation: 01 Jan 2004
Date of revision:
Publication status: Published in Journal of Applied Econometrics 2004, vol. 19, pp. 827-849
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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
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Web page: http://www.econ.iastate.edu
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