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Unobserved heterogeneity and risk in wage variance: Does more schooling reduce earnings risk?

Jacopo Mazza (), Hans van Ophem and Joop Hartog

Labour Economics, 2013, vol. 24, issue C, 323-338

Abstract: We apply a recently proposed method to disentangle unobserved heterogeneity from risk in returns to education to data for the USA, the UK and Germany. We find that in residual wage variation, uncertainty by far dominates unobserved heterogeneity. The relation between uncertainty and level of education is not monotonic and differs among countries.

Keywords: Wage inequality; Wage uncertainty; Unobserved heterogeneity; Selectivity; Education; Replication (search for similar items in EconPapers)
JEL-codes: C01 C33 C34 J31 (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1016/j.labeco.2013.09.007

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