Income, Schooling, and Ability: Evidence from a New Sample of Identical Twins

Orley Ashenfelter and Cecilia Rouse

The Quarterly Journal of Economics, 1998, vol. 113, issue 1, 253-284

Abstract: We develop a model of optimal schooling investments and estimate it using new data on approximately 700 identical twins. We estimate an average return to schooling of 9 percent for identical twins, but estimated returns appear to be slightly higher for less able individuals. Simple cross-section estimates are marginally upward biased. These empirical results imply that abler individuals attain more schooling because they face lower marginal costs of schooling, not because of higher marginal benefits.

Date: 1998
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Working Paper: Income, Schooling, and Ability: Evidence from a New Sample of Identical Twins (1997)
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