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Learning about heterogeneity in returns to schooling

✍ Scribed by Gary Koop; Justin L. Tobias

Publisher
John Wiley and Sons
Year
2004
Tongue
English
Weight
225 KB
Volume
19
Category
Article
ISSN
0883-7252

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✦ Synopsis

Abstract

Using data from the National Longitudinal Survey of Youth (NLSY) we introduce and estimate various Bayesian hierarchical models that investigate the nature of unobserved heterogeneity in returns to schooling. We consider a variety of possible forms for the heterogeneity, some motivated by previous theoretical and empirical work and some new ones, and let the data decide among the competing specifications. Empirical results indicate that heterogeneity is present in returns to education. Furthermore, we find strong evidence that the heterogeneity follows a continuous rather than a discrete distribution, and that bivariate normality provides a very reasonable description of individual‐level heterogeneity in intercepts and returns to schooling. Copyright Β© 2004 John Wiley & Sons, Ltd.

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## Abstract A recent article (Koop and Tobias, 2004) proposes a direct way to characterize the extent of heterogeneity in returns to education. They investigate the adequacy of several competing models and conclude that returns to schooling are heterogeneous and are best modelled as a bivariate nor