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Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 5788
Verlag: 
Institute for the Study of Labor (IZA), Bonn
Zusammenfassung: 
This paper uses a unique data set with nearly career-long earnings histories to provide evidence on the returns to schooling in current and lifetime earnings. We use these results to assess the importance of life-cycle bias in earnings regressions using current earnings as a proxy for lifetime earnings. To account for the endogeneity of schooling, we apply three commonly used identification strategies. Our estimates demonstrate a strong life-cycle bias, often exceeding the bias from assuming that schooling is exogenous. We further explore the problems caused by life-cycle bias in research on the economic returns to schooling, and discuss possible remedies.
Schlagwörter: 
returns to schooling
life-cycle bias
lifetime earnings
current earnings
errors-in-variables model
JEL: 
J24
J31
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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