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Students' expectations of the economic returns to college education Results of a controlled experiment

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Author Info
Anabela Botelho () (NIMA, University of Minho)
Lígia Pinto () (NIMA, University of Minho)
Abstract

This study reports the results of an experiment designed to elicit students' subjective beliefs about the economic returns to college education. An important feature of our experimental design is the inclusion of financial incentives for accurate reporting. We also consider the extent to which individuals' beliefs about their own returns differ from their beliefs about the returns for others. The evidence shows that students do have a self-enhancement tendency, and this finding cannot be attributed to previously uncontrolled order effects. The evidence also indicates that there is no significant difference between beliefs elicited using hypothetical surveys or real financial incentives in the elicitation procedure. This finding suggests that economists' reluctance to gather subjective data on earnings expectations may not be warrant.

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Publisher Info
Paper provided by Núcleo de Investigação em Microeconomia Aplicada (NIMA), Universidade do Minho in its series Working Papers with number 27.

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Length: 22 pages
Date of creation: Dec 2003
Date of revision:
Handle: RePEc:nim:nimawp:27

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Postal: Universidade do Minho, Escola de Economia e Gestão Gualtar, 4710-057 Braga,Portugal
Phone: +351 253604100 (ext 5530)
Fax: +351 253676375
Web page: http://nima.eeg.uminho.pt/

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Postal: Universidade do Minho, Escola de Economia e Gestão Gualtar, 4710-057 Braga,Portugal
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Keywords: rate of return human capital

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Find related papers by JEL classification:
C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
I20 - Health, Education, and Welfare - - Education - - - 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

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  1. Hartog, Joop & Zorlu, Aslan, 2002. "The Effect of Immigration on Wages in Three European Countries," IZA Discussion Papers 642, Institute for the Study of Labor (IZA). [Downloadable!]
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  2. Pedro P. Barros & Clara E. Dismuke, 2000. "Hospital production in a national health service: the physician's dilemma," Working Papers 6, Núcleo de Investigação em Microeconomia Aplicada (NIMA), Universidade do Minho. [Downloadable!]
  3. Paulo Guimaraes & Octavio Figueiredo & Douglas Woodward, 2000. "A tractable approach to the firm location decision problem," Working Papers 2, Núcleo de Investigação em Microeconomia Aplicada (NIMA), Universidade do Minho. [Downloadable!]
    Other versions:
  4. Elvira Lima & Teresa J. Esquerdo, 2003. "The economic costs of alcohol misuse in Portugal," Working Papers 24, Núcleo de Investigação em Microeconomia Aplicada (NIMA), Universidade do Minho. [Downloadable!]
  5. Elvira Lima & David K. Whynes, 2003. "Finance and performance of Portuguese hospitals," Working Papers 20, Núcleo de Investigação em Microeconomia Aplicada (NIMA), Universidade do Minho. [Downloadable!]
  6. Anabela Botelho & Ligia Costa Pinto & Miguel Portela & Antonio Silva, 2001. "The determinants of success in university entrance," Working Papers 13, Núcleo de Investigação em Microeconomia Aplicada (NIMA), Universidade do Minho. [Downloadable!]
  7. Cardoso, Ana Rute & Portugal, Pedro, 2001. "Disentangling the Minimum Wage Puzzle: An Analysis of Job Accessions and Separations from a Longitudinal Matched Employer-Employee Data Set," CEPR Discussion Papers 2844, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  8. Aslan Zorlu, 2003. "Do ethnicity and sex matter in pay? Analyses of 8 ethnic groups in the Dutch labour market," Working Papers 21, Núcleo de Investigação em Microeconomia Aplicada (NIMA), Universidade do Minho. [Downloadable!]
  9. Anabela Botelho & Mark A. Hirsch & Elisabet E. Rutstrom, 2000. "Culture, nationality and demographics in ultimatum games," Working Papers 7, Núcleo de Investigação em Microeconomia Aplicada (NIMA), Universidade do Minho. [Downloadable!]
  10. Anabela Botelho & Ligia Costa Pinto, 2000. "Has Portugal gone wireless? Looking back, Looking ahead," Working Papers 5, Núcleo de Investigação em Microeconomia Aplicada (NIMA), Universidade do Minho. [Downloadable!]
  11. Miguel Portela, 2001. "The impact of segregation on wage inequality: a look at recruitment and pay policies at the firm level," Working Papers 8, Núcleo de Investigação em Microeconomia Aplicada (NIMA), Universidade do Minho. [Downloadable!]
  12. Octavio Figueiredo & Paulo Guimaraes & Douglas Woodward, 2001. "Asymmetric information and location," Working Papers 11, Núcleo de Investigação em Microeconomia Aplicada (NIMA), Universidade do Minho. [Downloadable!]
  13. Ligia Costa Pinto & Glenn Harrison, 2000. "Multilateral negotiations over climate change policy," Working Papers 1, Núcleo de Investigação em Microeconomia Aplicada (NIMA), Universidade do Minho. [Downloadable!]
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  14. Ana Rute Cardoso & Priscila Ferreira, 2001. "The dynamics of job creation and destruction for University graduates: why a rising unemployment rate can be misleading," Working Papers 10, Núcleo de Investigação em Microeconomia Aplicada (NIMA), Universidade do Minho. [Downloadable!]
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  15. Miguel Portela, 2000. "Measuring skill: a multi-dimensional index," Working Papers 3, Núcleo de Investigação em Microeconomia Aplicada (NIMA), Universidade do Minho. [Downloadable!]
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  16. Joao Cerejeira da Silva, 2002. "Identification of the Portuguese industrial districts," Working Papers 17, Núcleo de Investigação em Microeconomia Aplicada (NIMA), Universidade do Minho. [Downloadable!]
  17. Anabela Botelho & Glenn W. Harrison & Marc A. Hirsch & Elisabet E. Rutstrom, 2001. "Bargaining behavior, demographics and nationality: a reconsideration of the experimental evidence," Working Papers 16, Núcleo de Investigação em Microeconomia Aplicada (NIMA), Universidade do Minho. [Downloadable!]
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  19. Cécile Wetzels & Aslan Zorlu, 2003. "Wage effects of motherhood: a double selection approach," Working Papers 22, Núcleo de Investigação em Microeconomia Aplicada (NIMA), Universidade do Minho. [Downloadable!]
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