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Education and its effects on income and mortality of men aged sixty-five and over in Great Britain

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  • Dorsett, Richard
  • Lui, Silvia
  • Weale, Martin

Abstract

We explore the effects of income and, additionally education on the income, self-reported health and survival of men aged sixty-five and over in Great Britain . By so doing, we identify benefits of education which are omitted in the conventional analysis with its focus on labour income excluding employers' pension contributions. We find that income at age sixty-five is significantly influenced by educational attainment and has a significant effect on survival. Even after controlling for circumstances at age sixty-five or when first observed, we identify benefits discounted to age sixty-five of £115,000 for men with higher education qualifications as compared to those with minimal qualifications.

Suggested Citation

  • Dorsett, Richard & Lui, Silvia & Weale, Martin, 2014. "Education and its effects on income and mortality of men aged sixty-five and over in Great Britain," Labour Economics, Elsevier, vol. 27(C), pages 71-82.
  • Handle: RePEc:eee:labeco:v:27:y:2014:i:c:p:71-82
    DOI: 10.1016/j.labeco.2014.02.002
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    Keywords

    Returns to education; Income; education and life expectancy; Mortality;

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
    • J17 - Labor and Demographic Economics - - Demographic Economics - - - Value of Life; Foregone Income
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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