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Learning about heterogeneity in returns to schooling

Koop, G.M. and Tobias, J. (2004) Learning about heterogeneity in returns to schooling. Journal of Applied Econometrics, 19 (7). pp. 827-849. ISSN 0883-7252

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Abstract

Using data from the National Longitudinal Survey of Youth (NLSY) we introduce and estimate various Bayesian hierarchical models that investigate the nature of unobserved heterogeneity in returns to schooling. We consider a variety of possible forms for the heterogeneity, some motivated by previous theoretical and empirical work and some new ones, and let the data decide among the competing specifications. Empirical results indicate that heterogeneity is present in returns to education. Furthermore, we find strong evidence that the heterogeneity follows a continuous rather than a discrete distribution, and that bivariate normality provides a very reasonable description of individual-level heterogeneity in intercepts and returns to schooling.

Item type: Article
ID code: 6913
Notes: Working paper version
Keywords: economics, econometrics, statistics, finance, schoolong, bayesian analysis, Economic Theory, Statistics, Economics and Econometrics, Social Sciences (miscellaneous)
Subjects: Social Sciences > Economic Theory
Social Sciences > Statistics
Department: Strathclyde Business School > Economics
Depositing user: Strathprints Administrator
Date Deposited: 25 Sep 2008
Last modified: 21 Jul 2015 15:18
Related URLs:
URI: http://strathprints.strath.ac.uk/id/eprint/6913

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