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Estimates of Economic Return to Schooling in the UK

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Author Info
Colm Harmon;
Ian Walker (Keele University and Institute for Fiscal Studies)

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Abstract

This paper uses UK data to estimate the returns to schooling. We address the endogeneity of schooling by exploiting the experimental nature of two changes in the minimum school leaving age to instrument eduction. The corrected estimates of the return to education indicate the presence of a large and significant negative bias in the lest squares estimate of the rate of return.

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Publisher Info
Paper provided by Department of Economics, Finance and Accounting, National University of Ireland - Maynooth in its series Economics, Finance and Accounting Department Working Paper Series with number n540195.

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Length: 15 pages
Date of creation: 1995
Date of revision:
Handle: RePEc:may:mayecw:n540195

Contact details of provider:
Postal: Maynooth, Co. Kildare
Phone: 353-1-7083728
Fax: 353-1-7083934
Web page: http://www.may.ie/academic/economics/
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Related research
Keywords: Selection bias Human capital Returns to education Earnings

Other versions of this item:

Find related papers by JEL classification:
J10 - Labor and Demographic Economics - - Demographic Economics - - - General
J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials

Cited by:
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  1. Jayasri Dutta & James Sefton & Martin Weale, 1999. "Education and public policy," Fiscal Studies, Institute for Fiscal Studies, vol. 20(4), pages 351-386, December. [Downloadable!]
  2. Lorraine Dearden & Barbara Sianesi, 2001. "Estimating the Returns to Education: Models, Methods and Results," CEE Discussion Papers 0016, Centre for the Economics of Education, LSE. [Downloadable!]
  3. Denny, Kevin & Harmon, Colm, 2000. "Education Policy Reform and the Return to Schooling from Instrumental Variables," CEPR Discussion Papers 2518, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  4. Richard Blundell & Lorraine Dearden & Barbara Sianesi, 2003. "Evaluating the impact of education on earnings in the UK: Models, methods and results from the NCDS," IFS Working Papers W03/20, Institute for Fiscal Studies. [Downloadable!]
  5. Kalwij, A., 1996. "Estimating the economic return to schooling on the basis of panel data," Discussion Paper 55, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  6. Harmon, Colm & Hogan, Vincent & Walker, Ian, 2001. "Dispersion in the Economic Return to Schooling," CEPR Discussion Papers 3037, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  7. Brunello, Giorgio & Comi, Simona & Lucifora, Claudio, 2000. "The Returns to Education in Italy: A New Look at the Evidence," IZA Discussion Papers 130, Institute for the Study of Labor (IZA). [Downloadable!]
  8. Kevin Denny, 2000. "New methods for comparing literacy across populations: insights from the measurement of poverty," IFS Working Papers W00/07, Institute for Fiscal Studies. [Downloadable!]
    Other versions:
  9. repec:fth:prinin:466 is not listed on IDEAS
  10. M. Arrazola & J. De Hevia & M. RisueƱo & J. F. Sanz, 2003. "Returns to education in Spain: Some evidence on the endogeneity of schooling," Education Economics, Taylor and Francis Journals, vol. 11(3), pages 293-304, December. [Downloadable!] (restricted)
  11. Alan Krueger, 2002. "Inequality, Too Much of a Good Thing," Working Papers 845, Princeton University, Department of Economics, Industrial Relations Section.. [Downloadable!]
    Other versions:
  12. Drusilla K. Brown & Alan V. Deardorff & Robert M. Stern, 2001. "Child Labor: Theory, Evidence and Policy," Discussion Papers Series, Department of Economics, Tufts University 0111, Department of Economics, Tufts University. [Downloadable!]
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  13. repec:fth:prinin:425 is not listed on IDEAS
  14. Chevalier, Arnaud & Harmon, Colm & Walker, Ian & Zhu, Yu, 2003. "Does Education Raise Productivity or Just Reflect It?," CEPR Discussion Papers 3993, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  15. Lorraine Dearden, 1999. "Qualifications and earnings in Britain: how reliable are conventional OLS estimates of the returns to education?," IFS Working Papers W99/07, Institute for Fiscal Studies.
  16. Andy Dickerson & Francis Green & Jorge Saba Arbache, 2001. "Trade Liberalization and the Returns to Education: A Pseudo-panel Approach," Studies in Economics 0114, Department of Economics, University of Kent. [Downloadable!]
  17. Orley Ashenfelter & Colm Harmon & Hessel Oosterbeek, 1999. "A Review of Estimates of the Schooling/Earnings Relationship, with Tests for Publication Bias," Working Papers 804, Princeton University, Department of Economics, Industrial Relations Section.. [Downloadable!]
    Other versions:
  18. Ian Walker & Yu Zhu, 2005. "The College Wage Premium, Overeducation, and the Expansion of Higher Education in the UK," IZA Discussion Papers 1627, Institute for the Study of Labor (IZA). [Downloadable!]
  19. Hessel Oosterbeek & Dinand Webbink, 1997. "Is there a Hidden Technical Potential," Tinbergen Institute Discussion Papers 97-012/3, Tinbergen Institute. [Downloadable!]
  20. Lorraine Dearden, 1998. "Ability, families, education and earnings in Britain," IFS Working Papers W98/14, Institute for Fiscal Studies. [Downloadable!]
  21. repec:fth:prinin:362 is not listed on IDEAS
  22. Kevin Denny & Colm Harmon & Maurice Roche, 1997. "The distribution of discrimination in immigrant earnings - evidence from Britain 1974-1993," IFS Working Papers W97/19, Institute for Fiscal Studies. [Downloadable!]
    Other versions:
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