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Evaluating An Alternative To Finance Higher Education: Human Capital Contracts In Colombia

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  • Felipe Lozano R.

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Abstract

RESUMEN: Se presenta un ejercicio para la valuación de Contratos de Capital Humano (CCH), siguiendo a Palacios (2004), en el cual se utilizan datos del Observatorio Laboral para la Educación y su Encuesta de Seguimiento a Graduados–2007. El análisis se hace a través de un modelo Minceriano y uno de Splines para encontrar los pronósticos determinísticos del ingreso. Se encuentra que los retornos a la educación superior proveen un incentivo para la implementación de CCHs para financiar completamente los programas de las universidades públicas y parcialmente en las universidades privadas. Financiar los programas de las universidades privadas requiere más ayudas para hacer los contratos rentables para los inversionistas y atractivos para los estudiantes. ABSTRACT: An exercise for Human Capital Contracts (HCCs) valuation is developed, following Palacios (2004), with estimations of future income created from data collected by the Labor Observatory for Education and its Following Graduates Survey-2007. The analysis is made through Mincerian and Splines models to derive income deterministic forecasts. The results show that returns to higher education provide an economic incentive for the implementati on of HCCs to totally finance public university programs, and partially finance private university programs. Total financing of the latter still depends on additional aid to make the contracts both profitable for investors and attractive for students.

Suggested Citation

  • Felipe Lozano R., 2009. "Evaluating An Alternative To Finance Higher Education: Human Capital Contracts In Colombia," REVISTA DE ECONOMÍA DEL ROSARIO, UNIVERSIDAD DEL ROSARIO, November.
    • Handle: RePEc:col:000151:008801
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    File URL: http://revistas.urosario.edu.co/index.php/economia/article/view/1140/1034
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    References listed on IDEAS

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    1. William Easterly, 2002. "The Elusive Quest for Growth: Economists' Adventures and Misadventures in the Tropics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262550423, January.
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    4. Chapman, Bruce, 2006. "Income Contingent Loans for Higher Education: International Reforms," Handbook of the Economics of Education, Elsevier.
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    7. Nohora Y. Forero Ramírez & Manuel Ramírez Gómez, 2008. "Determinantes de los ingresos laborales de los graduados universitarios durante el período 2001-2004," DOCUMENTOS DE TRABAJO 004591, UNIVERSIDAD DEL ROSARIO.
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    More about this item

    Keywords

    Retornos a la Educación Superior; Financiación Educación; Contratos de Capital Humano; Modelos de Splines Lineales; Regresión Intervalo.;

    JEL classification:

    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
    • 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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