Returning to returns: Revisiting the British education evidence
Peter Dolton and
Labour Economics, 2017, vol. 48, issue C, 87-104
We revisit the question of what is the rate of return to education in Great Britain. We make two contributions. Firstly, we re-assess the robustness of Harmon and Walker (1995), Oreopoulos (2006) and Devereux and Hart (2010) to equation specification and estimation method. Secondly, we generalize the previous IV approaches by using the month of birth in the calculation of a more accurate IV exploiting the 1947, 1963 and 1972 UK School Leaving Age reforms. Our results highlight the importance of equation specification and they provide a robust case for a 6% Rate of Return to Education for men.
Keywords: Returns to education; Schooling; Instrumental variables (search for similar items in EconPapers)
JEL-codes: H52 I21 I26 I28 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:labeco:v:48:y:2017:i:c:p:87-104
Access Statistics for this article
Labour Economics is currently edited by A. Ichino
More articles in Labour Economics from Elsevier
Series data maintained by Dana Niculescu ().