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Unobserved Heterogeneity and Risk in Wage Variance: Does Schooling provide Earnings Insurance?

Jacopo Mazza (), Hans van Ophem and Joop Hartog
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Hans van Ophem: University of Amsterdam
Joop Hartog: University of Amsterdam

No 11-045/3, Tinbergen Institute Discussion Papers from Tinbergen Institute

Abstract: We apply a recently proposed method to disentangle unobserved heterogeneity from risk in returns to education. We replicate the original study on US men and extend to US women, UK men and German men. Most original results are not robust. A college education cannot universally be considered an insurance against unpredictability of wages. One conclusion is unequivocally confirmed: uncertainty strongly dominates unobserved heterogeneity.

Keywords: wage inequality; wage uncertainty; unobserved heterogeneity; selectivity; education; replication (search for similar items in EconPapers)
JEL-codes: C01 C33 C34 J31 (search for similar items in EconPapers)
Date: 2011-02-22
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