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Estimates of Economic Return to Schooling in the UK

Author

Listed:
  • Colm Harmon;
  • Ian Walker

    (Keele University and Institute for Fiscal Studies)

Abstract

This paper uses UK data to estimate the returns to schooling. We address the endogeneity of schooling by exploiting the experimental nature of two changes in the minimum school leaving age to instrument eduction. The corrected estimates of the return to education indicate the presence of a large and significant negative bias in the lest squares estimate of the rate of return.

Suggested Citation

  • Colm Harmon; & Ian Walker, 1995. "Estimates of Economic Return to Schooling in the UK," Economics, Finance and Accounting Department Working Paper Series n540195, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth.
  • Handle: RePEc:may:mayecw:n540195
    as

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    References listed on IDEAS

    as
    1. Jayson L. Lusk, 2014. "Are you smart enough to know what to eat? A critique of behavioural economics as justification for regulation," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, pages 355-373.
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    More about this item

    Keywords

    Selection bias; Human capital; Returns to education; Earnings;

    JEL classification:

    • J10 - Labor and Demographic Economics - - Demographic Economics - - - General
    • 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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