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Subjective Earnings and Academic Expectations of Tertiary Education in Colombia

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  • Luis Fernando Gamboa
  • Paul Andrés Rodríguez-Lesmes

Abstract

We analysed the academic expectations and earning expectations of a nationally representative sample of Colombian students who were finishing their upper-secondary education (high school) and considering three potential scenarios: whether to finish their studies, enrol in a vocational career, or pursue a college degree. We found that these students’ earning expectations are correlated with local labour market wages. However, they expect earnings as university graduates that are significantly above the current observed earnings, which is not the case for the other two levels of education. We also found that earning and academic expectations (test scores and odds of attending college) are closely related to their family socioeconomic background, school and municipality characteristics, and even reflect aspects such as gender gaps or private school premiums. Finally, both academic and earnings expectations are related to actual realised test scores. ****** Analizamos las expectativas académicas y de ingresos de una muestra representativa de estudiantes colombianos en el último año de educación media secundaria, en el cuál consideramos tres posibles escenarios: terminar sus estudios, inscribirse en una carrera vocacional, u obtener un título profesional. Encontramos que los estudiantes tienen expectativas de ingresos correlacionadas con los salarios observados en el mercado laboral. No obstante, sus expectativas de ingreso en el caso de obtener un título profesional son notablemente superiores a los ingresos observados, lo que no ocurre en los otros dos posibles escenarios. También encontramos que las expectativas de ingreso y académicas (resultados de pruebas estandarizadas y la probabilidad de ir a una universidad) están relacionadas con las características socioeconómicas de sus familias, colegio y variables clave del municipio, reflejando aspectos como las brechas de género o el bono de estudiar en un colegio privado. Finalmente, los dos tipos de expectativas están relacionadas con los resultados obtenidos en las pruebas oficiales estandarizadas.

Suggested Citation

  • Luis Fernando Gamboa & Paul Andrés Rodríguez-Lesmes, 2018. "Subjective Earnings and Academic Expectations of Tertiary Education in Colombia," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 36(86), pages 159-177, June.
    • Handle: RePEc:bdr:ensayo:v:36:y:2018:i:86:p:159-177
    DOI: 10.32468/espe.8601
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    References listed on IDEAS

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    Keywords

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    JEL classification:

    • I25 - Health, Education, and Welfare - - Education - - - Education and Economic Development
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations

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