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Title: A Review of Estimates of the Schooling/Earnings Relationship, with Tests for Publication Bias
Authors: Harmon, Colm
Oosterbeek, Hessel
Ashenfelter, Orley
Keywords: estimation method
rate of return
schooling investments
Issue Date: 1-Oct-1999
Citation: Labour Economics, 6 (1999) 453-470
Series/Report no.: Working Papers (Princeton University. Industrial Relations Section) ; 425
Abstract: In this paper we provide an analytical review of previous estimates of the rate of return on schooling investments and measure how these estimates vary by country, over time, and by estimation method. We find evidence of reporting (or “file drawer”) bias in the estimates and, after due account is taken of this bias, we find that differences due to estimation method are much smaller than is sometimes reported, although some are statistically significant. We also find that estimated returns are higher in the U.S. and they have increased in the last two decades.
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