The Distribution of Lifetime Earnings Returns to College

• 成果类型: Article
• 署名作者: Nybom, Martin
• 署名单位: Stockholm University
• 刊物名称: JOURNAL OF LABOR ECONOMICS
• ISSN/ISSBN: 0734-306X
• DOI: 10.1086/692475
• 发表日期: 2017
• 页码: 903-952
• 关键词: local instrumental variables; borrowing constraints; ability; models; education; selection; BIAS; personality; outcomes; income

摘要

I use Swedish registry data to estimate lifetime earnings returns to college and how they vary with observed and unobserved characteristics. The richness of the data also allows me to examine heterogeneity with respect to cognitive and noncognitive ability and parental earnings. Local instrumental variable analysis is used to recover marginal and average treatment effects under selection on gains. The findings support the notion of self-selection, but mainly on observed characteristics. Returns vary little with parental earnings but substantially with respect to both cognitive and noncognitive ability, thus suggesting important complementarities between formal schooling and informal skills.