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Title:Separating Uncertainty from Heterogeneity in Life Cycle Earnings PDF Logo
Authors:Cunha, Flavio
Heckman, James Joseph
Navarro, Salvador
Issue Date:2004
Series/Report no.:IZA Discussion paper series 1437
Abstract:This paper develops and applies a method for decomposing cross section variability of earnings into components that are forecastable at the time students decide to go to college (heterogeneity) and components that are unforecastable. About 60% of variability in returns to schooling is forecastable. This has important implications for using measured variability to price risk and predict college attendance.
Subjects:uncertainty
lifecycle earnings
schooling
heterogeneity
counterfactuals
JEL:I21
C33
D84
Document Type:Working Paper
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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