Estimating the return to schooling using the Mincer equation
Harry Patrinos ()
IZA World of Labor, 2016, No 278, 278
The Mincer equation—arguably the most widely used in empirical work—can be used to explain a host of economic, and even non-economic, phenomena. One such application involves explaining (and estimating) employment earnings as a function of schooling and labor market experience. The Mincer equation provides estimates of the average monetary returns of one additional year of education. This information is important for policymakers who must decide on education spending, prioritization of schooling levels, and education financing programs such as student loans.
Keywords: human capital; labor market experience; earnings; income distribution; Jacob Mincer (search for similar items in EconPapers)
JEL-codes: J13 J16 J21 J22 P23 P52 (search for similar items in EconPapers)
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