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Estimates of the Economic Return to Schooling from a New Sample of Twins

Author

Listed:
  • Orley Ashenfelter

    (Princeton University)

  • Alan B. Krueger

    (Princeton University)

Abstract

This paper uses a new survey to contrast the wages of genetically identical twins with different schooling levels. Multiple measurements of schooling levels were also collected to assess the effect of reporting error on the estimated economic returns to schooling. The data indicate that omitted ability variables do not bias the estimated return to schooling upward, but that measurement error does bias it downward. Adjustment for measurement error indicates that an additional year of schooling increases wages by 12-l6t, a higher estimate of the economic returns to schooling than has been previously found.

Suggested Citation

  • Orley Ashenfelter & Alan B. Krueger, 1992. "Estimates of the Economic Return to Schooling from a New Sample of Twins," Working Papers 683, Princeton University, Department of Economics, Industrial Relations Section..
  • Handle: RePEc:pri:indrel:304
    as

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    File URL: http://dataspace.princeton.edu/jspui/handle/88435/dsp01hd76s007p
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    References listed on IDEAS

    as
    1. Joshua D. Angrist & Alan B. Krueger, 1991. "Estimating the Payoff to Schooling Using the Vietnam-era Draft Lottery," Working Papers 670, Princeton University, Department of Economics, Industrial Relations Section..
    2. Joshua D. Angrist & Alan B. Keueger, 1991. "Does Compulsory School Attendance Affect Schooling and Earnings?," The Quarterly Journal of Economics, Oxford University Press, vol. 106(4), pages 979-1014.
    3. Griliches, Zvi, 1977. "Estimating the Returns to Schooling: Some Econometric Problems," Econometrica, Econometric Society, vol. 45(1), pages 1-22, January.
    4. Chamberlain, Gary, 1982. "Multivariate regression models for panel data," Journal of Econometrics, Elsevier, vol. 18(1), pages 5-46, January.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    twins; return to education; education; measurement error;

    JEL classification:

    • C49 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Other

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