IDEAS home Printed from https://ideas.repec.org/a/hpe/journl/y2004v169i2p87-117.html
   My bibliography  Save this article

Rendimientos privados de las inversiones en educación superior a partir de ecuaciones de ingresos

Author

Listed:
  • Manuel Salas Velasco

    (Universidad de Granana y Columbia University)

Abstract

A pesar de su amplio uso en los trabajos aplicados sobre rendimientos de la educación, este artículo demuestra que la «función minceriana estándar» no arroja una medida exacta del valor económico de la Educación Superior si ésta es una variable endógena. El problema de la endogeneidad de la educación se ha corregido a través de la técnica de variables instrumentales. Nosotros obtenemos una rentabilidad del 13,6 por 100 para los estudios universitarios; alternativamente, observamos que los licenciados ganan un 57 por 100 más que los diplomados. No obstante, y tras usar el método bietápico de Heckman, no se detecta sesgo de selección muestral.

Suggested Citation

  • Manuel Salas Velasco, 2004. "Rendimientos privados de las inversiones en educación superior a partir de ecuaciones de ingresos," Hacienda Pública Española / Review of Public Economics, IEF, vol. 169(2), pages 87-117, June.
  • Handle: RePEc:hpe:journl:y:2004:v:169:i:2:p:87-117
    as

    Download full text from publisher

    File URL: https://www.ief.es/comun/Descarga.cshtml?ruta=~/docs/destacados/publicaciones/revistas/hpe/169_Art4.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Christopher F Baum & Mark E. Schaffer & Steven Stillman, 2003. "Instrumental variables and GMM: Estimation and testing," Stata Journal, StataCorp LP, vol. 3(1), pages 1-31, March.
    2. George Psacharopoulos, 1985. "Returns to Education: A Further International Update and Implications," Journal of Human Resources, University of Wisconsin Press, vol. 20(4), pages 583-604.
    3. Johnson, George E & Stafford, Frank P, 1996. "On the Rate of Return to Schooling Quality," The Review of Economics and Statistics, MIT Press, vol. 78(4), pages 686-691, November.
    4. Lam, David & Schoeni, Robert F, 1993. "Effects of Family Background on Earnings and Returns to Schooling: Evidence from Brazil," Journal of Political Economy, University of Chicago Press, vol. 101(4), pages 710-740, August.
    5. Gary S. Becker, 1962. "Investment in Human Capital: A Theoretical Analysis," NBER Chapters, in: Investment in Human Beings, pages 9-49, National Bureau of Economic Research, Inc.
    6. Giora Hanoch, 1967. "An Economic Analysis of Earnings and Schooling," Journal of Human Resources, University of Wisconsin Press, vol. 2(3), pages 310-329.
    7. Kling, Jeffrey R, 2001. "Interpreting Instrumental Variables Estimates of the Returns to Schooling," Journal of Business & Economic Statistics, American Statistical Association, vol. 19(3), pages 358-364, July.
    8. Nickell, Stephen, 1979. "Education and Lifetime Patterns of Unemployment," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 117-131, October.
    9. Wallace, T D & Ihnen, L A, 1975. "Full-Time Schooling in Life-Cycle Models of Human Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 83(1), pages 137-155, February.
    10. Kenny, Lawrence W, et al, 1979. "Returns to College Education: An Investigation of Self-Selection Bias Based on the Project Talent Data," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 20(3), pages 775-789, October.
    11. Grogger, Jeff, 1996. "School Expenditures and Post-schooling Earnings: Evidence from High School and Beyond," The Review of Economics and Statistics, MIT Press, vol. 78(4), pages 628-637, November.
    12. M. Grubb, 2003. "Editorial," Climate Policy, Taylor & Francis Journals, vol. 3(3), pages 189-190, September.
    13. Hausman, Jerry, 2015. "Specification tests in econometrics," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 38(2), pages 112-134.
    14. Eaton, Jonathan & Rosen, Harvey S, 1980. "Taxation, Human Capital, and Uncertainty," American Economic Review, American Economic Association, vol. 70(4), pages 705-715, September.
    15. Angrist, Joshua D & Krueger, Alan B, 1995. "Split-Sample Instrumental Variables Estimates of the Return to Schooling," Journal of Business & Economic Statistics, American Statistical Association, vol. 13(2), pages 225-235, April.
    16. David Card, 1993. "Using Geographic Variation in College Proximity to Estimate the Return to Schooling," Working Papers 696, Princeton University, Department of Economics, Industrial Relations Section..
    17. Philip Trostel & Ian Walker, 2006. "Education and Work," Education Economics, Taylor & Francis Journals, vol. 14(4), pages 377-399.
    18. Card, David & Krueger, Alan B, 1992. "Does School Quality Matter? Returns to Education and the Characteristics of Public Schools in the United States," Journal of Political Economy, University of Chicago Press, vol. 100(1), pages 1-40, February.
    19. Maria San-Segundo & Asuncion Valiente, 2003. "Family Background and Returns to Schooling in Spain," Education Economics, Taylor & Francis Journals, vol. 11(1), pages 39-52.
    20. Levhari, David & Weiss, Yoram, 1974. "The Effect of Risk on the Investment in Human Capital," American Economic Review, American Economic Association, vol. 64(6), pages 950-963, December.
    21. repec:fth:prinin:317 is not listed on IDEAS
    22. Jacob A. Mincer, 1974. "Schooling, Experience, and Earnings," NBER Books, National Bureau of Economic Research, Inc, number minc74-1, May.
    23. James Heckman & Edward Vytlacil, 2001. "Identifying The Role Of Cognitive Ability In Explaining The Level Of And Change In The Return To Schooling," The Review of Economics and Statistics, MIT Press, vol. 83(1), pages 1-12, February.
    24. Altonji, Joseph G, 1993. "The Demand for and Return to Education When Education Outcomes Are Uncertain," Journal of Labor Economics, University of Chicago Press, vol. 11(1), pages 48-83, January.
    25. Colm Harmon & Ian Walker & Niels Westergaard-Nielsen, 2001. "Introduction [to Education and earnings in Europe : a cross country analysis of the returns to education]," Open Access publications 10197/757, School of Economics, University College Dublin.
    26. Blackburn, McKinley L & Neumark, David, 1993. "Omitted-Ability Bias and the Increase in the Return to Schooling," Journal of Labor Economics, University of Chicago Press, vol. 11(3), pages 521-544, July.
    27. Altonji, Joseph G & Dunn, Thomas A, 1996. "The Effects of Family Characteristics on the Return to Education," The Review of Economics and Statistics, MIT Press, vol. 78(4), pages 692-704, November.
    28. Dominic J. Brewer & Eric Eide & Ronald G. Ehrenberg, 1996. "Does It Pay To Attend An Elite Private College? Cross Cohort Evidence on the Effects of College Quality on Earnings," NBER Working Papers 5613, National Bureau of Economic Research, Inc.
    29. Levin, Jesse & Plug, Erik J. S., 1999. "Instrumenting education and the returns to schooling in the Netherlands," Labour Economics, Elsevier, vol. 6(4), pages 521-534, November.
    30. Brunello, Giorgio & Miniaci, Raffaele, 1999. "The economic returns to schooling for Italian men. An evaluation based on instrumental variables1," Labour Economics, Elsevier, vol. 6(4), pages 509-519, November.
    31. David A. Kodde & Jozef M. M. Ritzen, 1984. "Integrating Consumption and Investment Motives in a Neoclassical Model of Demand for Education," Kyklos, Wiley Blackwell, vol. 37(4), pages 598-608, November.
    32. Murnane, Richard J & Willett, John B & Levy, Frank, 1995. "The Growing Importance of Cognitive Skills in Wage Determination," The Review of Economics and Statistics, MIT Press, vol. 77(2), pages 251-266, May.
    33. James, Estelle, et al, 1989. "College Quality and Future Earnings: Where Should You Send Your Child to College?," American Economic Review, American Economic Association, vol. 79(2), pages 247-252, May.
    34. Uusitalo, Roope, 1999. "Return to education in Finland," Labour Economics, Elsevier, vol. 6(4), pages 569-580, November.
    35. Joshua D. Angrist & Alan B. Krueger, 1993. "Split Sample Instrumental Variables," Working Papers 699, Princeton University, Department of Economics, Industrial Relations Section..
    36. Kodde, David A. & Ritzen, Josef M.M., 1985. "The demand for education under capital market imperfections," European Economic Review, Elsevier, vol. 28(3), pages 347-362, August.
    37. Psacharopoulos, George, 1994. "Returns to investment in education: A global update," World Development, Elsevier, vol. 22(9), pages 1325-1343, September.
    38. David Card, 1993. "Using Geographic Variation in College Proximity to Estimate the Return to Schooling," Working Papers 696, Princeton University, Department of Economics, Industrial Relations Section..
    39. Ashenfelter, Orley & Ham, John, 1979. "Education, Unemployment, and Earnings," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 99-116, October.
    40. Blackburn, McKinley L & Neumark, David, 1995. "Are OLS Estimates of the Return to Schooling Biased Downward? Another Look," The Review of Economics and Statistics, MIT Press, vol. 77(2), pages 217-230, May.
    41. Cecilia Albert Verdú, 1998. "- Higher Education Demand In Spain: The Influence Of Labour Market Signals And Family Background," Working Papers. Serie EC 1998-17, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    42. Hessel Oosterbeek & Hans van Ophem, 2000. "Schooling choices: Preferences, discount rates, and rates of return," Empirical Economics, Springer, vol. 25(1), pages 15-34.
    43. Jacob Mincer, 1975. "Education, Experience, and the Distribution of Earnings and Employment: An Overview," NBER Chapters, in: Education, Income, and Human Behavior, pages 71-94, National Bureau of Economic Research, Inc.
    44. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 31(3), pages 129-137.
    45. Elchanan Cohn & John Addison, 1998. "The Economic Returns to Lifelong Learning in OECD Countries," Education Economics, Taylor & Francis Journals, vol. 6(3), pages 253-307.
    46. Lopez-Valcarcel, Beatriz Gonzalez & Quintana, Delia Davila, 1998. "Economic and Cultural Impediments to University Education in Spain," Economics of Education Review, Elsevier, vol. 17(1), pages 93-103, February.
    47. Riley, John G, 1979. "Testing the Educational Screening Hypothesis," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 227-252, October.
    48. Parsons, Donald O, 1974. "The Cost of School Time, Foregone Earnings, and Human Capital Formation," Journal of Political Economy, University of Chicago Press, vol. 82(2), pages 251-266, Part I, M.
    49. Colm Harmon & Ian Walker & Niels Westergaard-Nielsen (ed.), 2001. "Education and Earnings in Europe," Books, Edward Elgar Publishing, number 2237.
    50. Colm Harmon & Hessel Oosterbeek & Ian Walker, 2003. "The Returns to Education: Microeconomics," Journal of Economic Surveys, Wiley Blackwell, vol. 17(2), pages 115-156, April.
    51. W. Lee Hansen, 1963. "Total and Private Rates of Return to Investment in Schooling," Journal of Political Economy, University of Chicago Press, vol. 71, pages 128-128.
    52. Ethel B. Jones & John D. Jackson, 1990. "College Grades and Labor Market Rewards," Journal of Human Resources, University of Wisconsin Press, vol. 25(2), pages 253-266.
    53. Betts, Julian R, 1995. "Does School Quality Matter? Evidence from the National Longitudinal Survey of Youth," The Review of Economics and Statistics, MIT Press, vol. 77(2), pages 231-250, May.
    54. Mcmahon, Walter W., 1991. "Relative returns to human and physical capital in the U.S. and efficient investment strategies," Economics of Education Review, Elsevier, vol. 10(4), pages 283-296, December.
    55. Ashenfelter, Orley & Krueger, Alan B, 1994. "Estimates of the Economic Returns to Schooling from a New Sample of Twins," American Economic Review, American Economic Association, vol. 84(5), pages 1157-1173, December.
    56. Card, David, 2001. "Estimating the Return to Schooling: Progress on Some Persistent Econometric Problems," Econometrica, Econometric Society, vol. 69(5), pages 1127-1160, September.
    57. Jacob A. Mincer, 1974. "Schooling and Earnings," NBER Chapters, in: Schooling, Experience, and Earnings, pages 41-63, National Bureau of Economic Research, Inc.
    58. Griliches, Zvi, 1977. "Estimating the Returns to Schooling: Some Econometric Problems," Econometrica, Econometric Society, vol. 45(1), pages 1-22, January.
    59. Alba-Ramirez, Alfonso & San Segundo, Maria Jesus, 1995. "The returns to education in Spain," Economics of Education Review, Elsevier, vol. 14(2), pages 155-166, June.
    60. Halvorsen, Robert & Palmquist, Raymond, 1980. "The Interpretation of Dummy Variables in Semilogarithmic Equations," American Economic Review, American Economic Association, vol. 70(3), pages 474-475, June.
    61. Betts, Julian R, 1996. "Do School Resources Matter Only for Older Workers?," The Review of Economics and Statistics, MIT Press, vol. 78(4), pages 638-652, November.
    62. Michael Spence, 1973. "Job Market Signaling," The Quarterly Journal of Economics, Oxford University Press, vol. 87(3), pages 355-374.
    63. Heckman, James & Layne-Farrar, Anne & Todd, Petra, 1996. "Human Capital Pricing Equations with an Application to Estimating the Effect of Schooling Quality on Earnings," The Review of Economics and Statistics, MIT Press, vol. 78(4), pages 562-610, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Dolores Moreno-Herrero & Manuel Salas-Velasco & José Sánchez Campillo, 2015. "Patrimonio en planes de pensiones privados individuales, nivel educativo y hábitos financieros de las familias en España," Investigaciones de Economía de la Educación volume 10, in: Marta Rahona López & Jennifer Graves (ed.), Investigaciones de Economía de la Educación 10, edition 1, volume 10, chapter 43, pages 843-864, Asociación de Economía de la Educación.
    2. Mercedes Teijeiro Álvarez & María Jesús Freire Seoane, 2010. "Las ecuaciones de Mincer y las tasas de rendimiento de la educación en Galicia," Investigaciones de Economía de la Educación volume 5, in: María Jesús Mancebón-Torrubia & Domingo P. Ximénez-de-Embún & José María Gómez-Sancho & Gregorio Gim (ed.), Investigaciones de Economía de la Educación 5, edition 1, volume 5, chapter 14, pages 285-304, Asociación de Economía de la Educación.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mercedes Teijeiro Álvarez & María Jesús Freire Seoane, 2010. "Las ecuaciones de Mincer y las tasas de rendimiento de la educación en Galicia," Investigaciones de Economía de la Educación volume 5, in: María Jesús Mancebón-Torrubia & Domingo P. Ximénez-de-Embún & José María Gómez-Sancho & Gregorio Gim (ed.), Investigaciones de Economía de la Educación 5, edition 1, volume 5, chapter 14, pages 285-304, Asociación de Economía de la Educación.
    2. Angel de la Fuente & Antonio Ciccone, 2003. "Human capital in a global and knowledge-based economy," UFAE and IAE Working Papers 562.03, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
    3. Nikolov, Plamen & Jimi, Nusrat & Chang, Jerray, 2020. "The Importance of Cognitive Domains and the Returns to Schooling in South Africa: Evidence from Two Labor Surveys," Labour Economics, Elsevier, vol. 65(C).
    4. Eric A. Hanushek & Ludger Woessmann, 2008. "The Role of Cognitive Skills in Economic Development," Journal of Economic Literature, American Economic Association, vol. 46(3), pages 607-668, September.
    5. Mwangi S. Kimenyi & Germano Mwabu & Damiano Kulundu Manda, 2006. "Human Capital Externalities and Private Returns to Education in Kenya," Eastern Economic Journal, Eastern Economic Association, vol. 32(3), pages 493-513, Summer.
    6. Ashenfelter, Orley & Harmon, Colm & Oosterbeek, Hessel, 1999. "A review of estimates of the schooling/earnings relationship, with tests for publication bias," Labour Economics, Elsevier, vol. 6(4), pages 453-470, November.
    7. Inmaculada Garc�a Mainar & V�ctor M. Montuenga G�mez, 2004. "Returns to education and to experience within the EU: are there differences between wage earners and the self-employed?," Documentos de Trabajo dt2004-08, Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza.
    8. Antonio Caparrós Ruiz & Lucía Navarro Gómez & Mario Rueda Narváez, 2010. "Endogenous wage determinants and returns to education in Spain," International Journal of Manpower, Emerald Group Publishing Limited, vol. 31(4), pages 410-425, July.
    9. Daeheon Choi & Chune Young Chung & Ha Truong, 2019. "Return on Education in Two Major Vietnamese Cities," Sustainability, MDPI, vol. 11(18), pages 1-30, September.
    10. repec:dau:papers:123456789/4924 is not listed on IDEAS
    11. Heckman, James J. & Lochner, Lance J. & Todd, Petra E., 2006. "Earnings Functions, Rates of Return and Treatment Effects: The Mincer Equation and Beyond," Handbook of the Economics of Education, in: Erik Hanushek & F. Welch (ed.), Handbook of the Economics of Education, edition 1, volume 1, chapter 7, pages 307-458, Elsevier.
    12. Justin L. Tobias, 2003. "Are Returns to Schooling Concentrated Among the Most Able? A Semiparametric Analysis of the Ability–earnings Relationships," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 65(1), pages 1-29, February.
    13. Carlos Pestana Barros, 2001. "Economic Return on Schooling for Soccer Players," Journal of Sports Economics, , vol. 2(4), pages 369-378, November.
    14. Florence Arestoff, 2000. "Taux de rendement de l’éducation sur le marché du travail d’un pays en développement Un réexamen du modèle de gains de Mincer," Working Papers DT/2000/11, DIAL (Développement, Institutions et Mondialisation).
    15. Justin L. Tobias & Mingliang Li, 2004. "Returns to Schooling and Bayesian Model Averaging: A Union of Two Literatures," Journal of Economic Surveys, Wiley Blackwell, vol. 18(2), pages 153-180, April.
    16. Maluccio, John A., 1998. "Endogeneity of schooling in the wage function," FCND discussion papers 54, International Food Policy Research Institute (IFPRI).
    17. Fossen, Frank M. & Büttner, Tobias J.M., 2013. "The returns to education for opportunity entrepreneurs, necessity entrepreneurs, and paid employees," Economics of Education Review, Elsevier, vol. 37(C), pages 66-84.
    18. Tushar Agrawal, 2011. "Returns to education in India: Some recent evidence," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2011-017, Indira Gandhi Institute of Development Research, Mumbai, India.
    19. Light, Audrey, 2001. "In-School Work Experience and the Returns to Schooling," Journal of Labor Economics, University of Chicago Press, vol. 19(1), pages 65-93, January.
    20. Barros, Carlos Pestana & Nunes, Francisco, 2008. "Social capital in non-profit organizations: A multi-disciplinary perspective," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(4), pages 1554-1569, August.
    21. repec:eee:labchp:v:1:y:1986:i:c:p:525-602 is not listed on IDEAS
    22. Eric A. Hanushek, 2008. "Incentives for Efficiency and Equity in the School System," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 9(s1), pages 5-27, May.

    More about this item

    Keywords

    : rendimientos de la educación; variables instrumentales; método bietápico de Heckman; demanda educativa;
    All these keywords.

    JEL classification:

    • C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
    • H00 - Public Economics - - General - - - General
    • I20 - Health, Education, and Welfare - - Education - - - General
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hpe:journl:y:2004:v:169:i:2:p:87-117. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Miguel Gómez de Antonio (email available below). General contact details of provider: https://edirc.repec.org/data/iefgves.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.