Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/226291 
Year of Publication: 
2020
Series/Report no.: 
CESifo Working Paper No. 8589
Publisher: 
Center for Economic Studies and Ifo Institute (CESifo), Munich
Abstract: 
This paper explores students' expectations about the returns to completing higher education and provides first evidence on perceived signaling and human capital effects. We elicit counterfactual labor market expectations for the hypothetical scenarios of leaving university with or without a degree certificate among a large and diverse sample of students at different stages of higher education. Our findings indicate substantial perceived returns to higher education. Moreover, using within-individual fixed effects models, we document substantial expected labor market returns from signaling, whereas perceived productivity-enhancing (human capital) returns seem to be less pronounced. Over the expected course of career, we find lasting education premia as well as evidence consistent with employer learning.
Subjects: 
higher education
returns to education
signaling
educational attainment
licensing
employer learning
JEL: 
I21
I23
I26
J24
J31
J32
J44
Document Type: 
Working Paper
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