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Accounting For Heterogeneous Returns In Sequential Schooling Decisions, Gema Zamarro
Accounting For Heterogeneous Returns In Sequential Schooling Decisions, Gema Zamarro
Gema Zamarro
This paper presents a method for estimating returns to multiple schooling levels taking into account that returns may be heterogeneous among agents and that educational decisions are made sequentially. A sequential decision model explicitly considers that the level of education is the result of previous schooling choices and so, the variation of supply-side instruments over time will emerge as a source of identification of the desired parameters. A test for heterogeneity in returns from sequential schooling decisions is developed and expressions for Marginal Treatment Effects are obtained in this context. Returns are estimated and tested from cross-sectional data from a …