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Life Cycle Schooling and Dynamic Selection Bias: Models and Evidence for Five Cohorts

Stephen V. Cameron and James Heckman

No 6385, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper examines an empirical regularity found in many societies: that family influences on the probability of transiting from one grade level to the next diminish at higher levels of education. We examine the statistical model used to establish the empirical regularity and the intuitive behavioral interpretation often used to rationalize it. We show that the implicit economic model assumes myopia. The intuitive interpretive model is identified only by imposing arbitrary distributional assumptions onto the data. We produce an alternative choice-theoretic model with fewer parameters that rationalizes the same data and is not based on arbitrary distributional assumptions.

JEL-codes: I21 I28 (search for similar items in EconPapers)
Date: 1998-01
Note: CH LS
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Published as Journal of Political Economy, Vol. 106, no. 2 (April 1998).

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