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Returns to education in Spain: Some evidence on the endogeneity of schooling

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  • M. Arrazola
  • J. De Hevia
  • M. Risueno
  • J. F. Sanz

Abstract

In this article, rates of return to education for Spanish male employees are calculated and compared using different methods. We derive rates of return from the estimation of three alternative models of human capital. The rates of return obtained by each of these models are different when they are calculated by least squares. Nevertheless, when the endogeneity of education is considered, the rates of return obtained from each of these models are approximately the same, reaching a value close to 9%. In addition, we compute internal rates of return on investments in education. We find that, on average, social returns are about two points lower than private ones.

Suggested Citation

  • M. Arrazola & J. De Hevia & M. Risueno & J. F. Sanz, 2003. "Returns to education in Spain: Some evidence on the endogeneity of schooling," Education Economics, Taylor & Francis Journals, vol. 11(3), pages 293-304.
    • Handle: RePEc:taf:edecon:v:11:y:2003:i:3:p:293-304
    DOI: 10.1080/0964529032000148818
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    Cited by:

    1. Patrinos, Harry A., 2022. "Returns to Education in Greece: Evidence from the 1977 Labor Market Survey Using the Greek Civil War as an Instrument," IZA Discussion Papers 15541, Institute of Labor Economics (IZA).
    2. Prados de la Escosura, Leandro & Rosés, Joan R., 2010. "Human capital and economic growth in Spain, 1850-2000," Explorations in Economic History, Elsevier, vol. 47(4), pages 520-532, October.
    3. Prados de la Escosura, Leandro & Rosés, Joan R., 2008. "Proximate causes of economic growth in Spain, 1850-2000," IFCS - Working Papers in Economic History.WH wp08-12, Universidad Carlos III de Madrid. Instituto Figuerola.
    4. LILLO, Adelaida & CASADO-DÍAZ, José M., 2010. "On The Rewards To Education In Spain: Endogeneity And Regional Differences," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, vol. 10(3).
    5. Mª Covadonga De la Iglesia Villasol & Laura Vitriago, 2014. "Factores que influyen en las diferencias de los ingresos del trabajo. Ensayo sobre el caso español en 2011," Investigaciones de Economía de la Educación volume 9, in: Adela García Aracil & Isabel Neira Gómez (ed.), Investigaciones de Economía de la Educación 9, edition 1, volume 9, chapter 39, pages 747-767, Asociación de Economía de la Educación.
    6. Qaisar Abbas & James Foreman-Peck, 2008. "The Mincer Human Capital Model in Pakistan," South Asia Economic Journal, Institute of Policy Studies of Sri Lanka, vol. 9(2), pages 435-462, September.
    7. Alejandro García Pozo & Andrés J. Marchante Mera & José Luis Sánchez Ollero, 2011. "Occupational Differences in the Return on Human Capital in the Spanish Travel Agency and Hospitality Industries," Tourism Economics, , vol. 17(6), pages 1325-1345, December.
    8. Jesús López-Rodríguez & Andrés Faíña-Medín & Mabel Haydée Villasenin-Ramos, 2021. "Returns to schooling in Spain: 2008-2019," Economic Research Guardian, Weissberg Publishing, vol. 11(2), pages 194-201, December.
    9. Arrazola, María & de Hevia, José, 2008. "Three measures of returns to education: An illustration for the case of Spain," Economics of Education Review, Elsevier, vol. 27(3), pages 266-275, June.
    10. Anchor, John R. & Fiserová, Jana & Mars[iota]ková, Katerina & Urbánek, Václav, 2011. "Student expectations of the financial returns to higher education in the Czech Republic and England: Evidence from business schools," Economics of Education Review, Elsevier, vol. 30(4), pages 673-681, August.
    11. Maria Arrazola & Jose de Hevia, 2006. "Gender Differentials in Returns to Education in Spain," Education Economics, Taylor & Francis Journals, vol. 14(4), pages 469-486.
    12. Claudio Sapelli., 2009. "Los Retornos a la Educación en Chile: Estimaciones por Corte Transversal y por Cohortes," Documentos de Trabajo 349, Instituto de Economia. Pontificia Universidad Católica de Chile..
    13. Manuel Hidalgo-Pérez & Walter García-Fontes, 2014. "Estimating Human Capital Externalities: The Case of the Spanish Provinces, 1995-2010," Working Papers 14.06, Universidad Pablo de Olavide, Department of Economics.
    14. Abbas, Qaisar & Foreman-Peck, James, 2007. "The Mincer Human Capital Model in Pakistan: Implications for Education Policy," Cardiff Economics Working Papers E2007/24, Cardiff University, Cardiff Business School, Economics Section.
    15. Pavla Rehorova, 2010. "Education And Gender Equity: Evidence From The Czech Republic And Uk," Business Education and Accreditation, The Institute for Business and Finance Research, vol. 2(1), pages 105-119.
    16. 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.
    17. Deng, Binbin, 2010. "Schooling and Wage Revisited: Does Higher IQ Really Give You Higher Income?," MPRA Paper 23206, University Library of Munich, Germany.
    18. Elena Lasso-Dela-Vega & José Luis Sánchez-Ollero & Alejandro García-Pozo, 2023. "Educational Mismatch and Gender: A Comparison between Industry and Services in Spain," Economies, MDPI, vol. 12(1), pages 1-16, December.
    19. Jean-Guy LORANGER & Gérard BOISMENU, 2010. "A Dynamic Institutional Analysis with a Macroeconomic Model," EcoMod2010 259600107, EcoMod.
    20. Alejandro García-Pozo & José Luis Sánchez-Ollero & Andrés Marchante-Mera, 2014. "Educational Mismatch and Returns on Human Capital in the Spanish Hospitality and Travel Agency Sectors," Tourism Economics, , vol. 20(2), pages 337-353, April.

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