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Returning to returns: revisiting the British education evidence

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journal contribution
posted on 2023-06-09, 07:35 authored by Peter DoltonPeter Dolton, Matteo Sandi
We revisit the question of what is the rate of return to education in Great Britain. We make two contributions. Firstly, we re-assess the robustness of Harmon and Walker (1995), Oreopoulos (2006) and Devereux and Hart (2010) to equation specification and estimation method. Secondly, we generalize the previous IV approaches by using the month of birth in the calculation of a more accurate IV exploiting the 1947, 1963 and 1972 UK School Leaving Age reforms. Our results highlight the importance of equation specification and they provide a robust case for a 6% Rate of Return to Education for men.

History

Publication status

  • Published

File Version

  • Accepted version

Journal

Labour Economics

ISSN

0927-5371

Publisher

Elsevier

Volume

48

Page range

87-104

Department affiliated with

  • Economics Publications

Full text available

  • Yes

Peer reviewed?

  • Yes

Legacy Posted Date

2017-09-11

First Open Access (FOA) Date

2019-07-05

First Compliant Deposit (FCD) Date

2017-09-11

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