English, Article edition: Earnings Functions and Rates of Return James J. Heckman; Lance J. Lochner; Petra E. Todd

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Earnings Functions and Rates of Return
Author
  • James J. Heckman
  • Lance J. Lochner
  • Petra E. Todd
Physical Description
  • article
Notes
  • The internal rate of return to schooling is a fundamental economic parameter that is often used to assess whether expenditure on education should be increased or decreased. This article considers alternative approaches to estimating marginal internal rates of return for different schooling levels. We implement a general nonparametric approach to estimate marginal internal rates of return that take into account tuition costs, income taxes, and nonlinearities in the earnings‐schooling‐experience relationship. The returns obtained by the more general method differ substantially from Mincer returns in levels and in their evolution over time. They indicate relatively larger returns to graduating from high school than to graduating from college, although both have been increasing over time.
  • RePEc:ucp:jhucap:v:2:i:1:y:2008:p:1-31
Language
  • English
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