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Decisions about Postsecondary Education, their returns in Colombia

Author

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  • Fabiola Saavedra

    ()

  • Mónica Ospina

    ()

Abstract

This study analyzes the economic returns to schooling decisions made by high school graduates in Colombia. We wanted to verify if the economic returns (wages) obtained by newly postsecondary education graduates compensate the economic and psychological investment they made in order to get that academic degree. To answer that question, we estimated these economic returns for each type of postsecondary degree available in Colombia (technical education, technological education, undergraduate studies, graduate studies) by origin of the institution (public or private). Our methodological strategy includes the generation of a micro-data base that contains agents’ socio-economic background and also their individual labor market outcomes. Because agents with very similar characteristics and the same schooling decisions might get different economic returns from education, we considered as part of our empirical strategy the inclusion of an approximation of agents’ cognitive abilities.

Suggested Citation

  • Fabiola Saavedra & Mónica Ospina, 2014. "Decisions about Postsecondary Education, their returns in Colombia," DOCUMENTOS DE TRABAJO CIEF 012542, UNIVERSIDAD EAFIT.
    • Handle: RePEc:col:000122:012542
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    File URL: http://hdl.handle.net/10784/4990
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    References listed on IDEAS

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    1. Jhon James Mora, 2003. "Sheepskin effects and screening in Colombia," COLOMBIAN ECONOMIC JOURNAL, UNIVERSIDAD NACIONAL DE COLOMBIA -FCE, April.
      • Jhon James Mora, 2003. "Sheepskin effects and screening in Colombia," Colombian Economic Journal, Academia Colombiana de Ciencias Economicas, Colegio Mayor de Nuestra Senora del Rosario, Pontificia Universidad Javeriana, Universidad de Antioquia, Universidad de los Andes, Universidad del Valle, Universidad Externado de Colombia, Universidad Nacional de Colombia, vol. 1(1), pages 95-108, December.
    2. Catherine C. Eckel & Cathleen Johnson & Claude Montmarquette & Christian Rojas, 2007. "Debt Aversion and the Demand for Loans for Postsecondary Education," Public Finance Review, , vol. 35(2), pages 233-262, March.
    3. Willis, Robert J & Rosen, Sherwin, 1979. "Education and Self-Selection," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 7-36, October.
    4. Stephen V. Cameron & James J. Heckman, 1998. "Life Cycle Schooling and Dynamic Selection Bias: Models and Evidence for Five Cohorts of American Males," Journal of Political Economy, University of Chicago Press, vol. 106(2), pages 262-333, April.
    5. 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, Elsevier.
    6. Dolton, Peter & Vignoles, Anna, 2000. "The incidence and effects of overeducation in the U.K. graduate labour market," Economics of Education Review, Elsevier, vol. 19(2), pages 179-198, April.
    7. Andrés Felipe García-Suaza & Juan Carlos Guataquí & José Alberto Guerra & Darío Maldonado, 2014. "Beyond the Mincer equation: the internal rate of return to higher education in Colombia," Education Economics, Taylor & Francis Journals, vol. 22(3), pages 328-344, June.
    8. Pedro Carneiro & James J. Heckman, 2002. "The Evidence on Credit Constraints in Post--secondary Schooling," Economic Journal, Royal Economic Society, vol. 112(482), pages 705-734, October.
    9. James J. Heckman & Jora Stixrud & Sergio Urzua, 2006. "The Effects of Cognitive and Noncognitive Abilities on Labor Market Outcomes and Social Behavior," Journal of Labor Economics, University of Chicago Press, vol. 24(3), pages 411-482, July.
    10. Card, David, 2001. "Estimating the Return to Schooling: Progress on Some Persistent Econometric Problems," Econometrica, Econometric Society, vol. 69(5), pages 1127-1160, September.
    11. Stephen V. Cameron & James J. Heckman, 1998. "Life Cycle Schooling and Dynamic Selection Bias: Models and Evidence for Five Cohorts," NBER Working Papers 6385, National Bureau of Economic Research, Inc.
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    More about this item

    Keywords

    postsecondary education; labor market outcomes;

    JEL classification:

    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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