Educational choice, wage determination, and rates of return to education in Taiwan

Yih-chyi Chuang and Chen-Yeng Chao

International Advances in Economic Research, 2001, vol. 7, issue 4, 479-504

Abstract: This paper estimates educational choice, wage determination, and the rate of return to education in Taiwan using Taiwan's Manpower Utilization Survey data of 1996. As education investment is a self-selection process, this paper adopts a two-stage estimation method. First, a polychotomous ordered probit model is used to estimate the education decision. Second, the wage equations of different educational attainments are estimated by incorporating the possible selection bias obtained in the probit model. Finally, rates of return on each education level are calculated from the estimation results. Copyright International Atlantic Economic Society 2001

Date: 2001
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DOI: 10.1007/BF02295776

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