Returns to Education: The Causal Effects of Education on Earnings, Health, and Smoking

• 成果类型: Article
• 署名作者: Heckman, James J.; Humphries, John Eric; Veramendi, Gregory
• 署名单位: University of Chicago; Yale University; Arizona State University; Arizona State University-Tempe
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/698760
• 发表日期: 2018
• 页码: S197-S246
• 关键词: dynamic discrete-choice; instrumental variables; least-squares; models; identification; POLICY; Heterogeneity; INVESTMENT; ECONOMICS; outcomes

摘要

This paper estimates returns to education using a dynamic model of educational choice that synthesizes approaches in the structural dynamic discrete choice literature with approaches used in the reduced-form treatment effect literature. It is an empirically robust middle ground between the two approaches that estimates economically interpretable and policy-relevant dynamic treatment effects that account for heterogeneity in cognitive and noncognitive skills and the continuation values of educational choices. Graduating from college is not a wise choice for all. Ability bias is a major component of observed educational differentials. For some, there are substantial causal effects of education at all stages of schooling.