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Returning to returns: revisiting the British education evidence
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 EconomicsISSN
0927-5371Publisher
ElsevierExternal DOI
Volume
48Page range
87-104Department affiliated with
- Economics Publications
Full text available
- Yes
Peer reviewed?
- Yes
Legacy Posted Date
2017-09-11First Open Access (FOA) Date
2019-07-05First Compliant Deposit (FCD) Date
2017-09-11Usage metrics
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