Changes across Cohorts in Wage Returns to Schooling and Early Work Experiences | Zendy

Jared Ashworth | Zendy; V. Joseph Hotz | Zendy; Arnaud Maurel | Zendy; Tyler Ransom | Zendy

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Changes across Cohorts in Wage Returns to Schooling and Early Work Experiences

Author(s) -

Jared Ashworth,

V. Joseph Hotz,

Arnaud Maurel,

Tyler Ransom

Publication year - 2020

Publication title -

journal of labor economics

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 8.184

H-Index - 109

eISSN - 1537-5307

pISSN - 0734-306X

DOI - 10.1086/711851

Subject(s) - wage , economics , work (physics) , affect (linguistics) , labour economics , national longitudinal surveys , selection (genetic algorithm) , demographic economics , psychology , mechanical engineering , communication , engineering , artificial intelligence , computer science

This paper investigates the wage returns to schooling and actual early work experiences and how these returns have changed over the past 20 years. Using the NLSY surveys, we develop and estimate a dynamic model of the joint schooling and work decisions that young men make in early adulthood and quantify how they affect wages using a generalized Mincerian specification. Our results highlight the need to account for dynamic selection and changes in composition when analyzing changes in wage returns. In particular, we find that ignoring the selectivity of accumulated work experiences results in overstatement of the returns to education.

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