Changes across Cohorts in Wage Returns to Schooling and Early Work Experiences

• 成果类型: Article
• 署名作者: Ashworth, Jared; Hotz, V. Joseph; Maurel, Arnaud; Ransom, Tyler
• 署名单位: Pepperdine University; Duke University; IZA Institute Labor Economics; National Bureau of Economic Research; Duke University; IZA Institute Labor Economics; University of Oklahoma System; University of Oklahoma - Norman
• 刊物名称: JOURNAL OF LABOR ECONOMICS
• ISSN/ISSBN: 0734-306X
• DOI: 10.1086/711851
• 发表日期: 2021
• 页码: 931-964
• 关键词: educational-attainment; college; premium; US; ability; models; TRENDS; skills; men

摘要

This paper investigates the wage returns to schooling and actual early work experiences and how these returns have changed over the past 20 years. Using the NLSY surveys, we develop and estimate a dynamic model of the joint schooling and work decisions that young men make in early adulthood and quantify how they affect wages using a generalized Mincerian specification. Our results highlight the need to account for dynamic selection and changes in composition when analyzing changes in wage returns. In particular, we find that ignoring the selectivity of accumulated work experiences results in overstatement of the returns to education.