Earnings Functions, Rates of Return and Treatment Effects: The Mincer Equation and Beyond
- Topics:
- Investment Strategy,
- Quantitative Analysis
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Overview: This paper considers the interpretation of "Mincer rates of return." It shows how repeated cross section and panel data improves the ability of analysts to estimate the ex ante and ex post marginal rate of returns. Accounting for sequential revelation of information calls into question the validity of the internal rate of return as a tool for policy analysis. The large estimated psychic costs of schooling found in recent work helps to explain why persons do not attend school even though the financial rewards for doing so are high. This paper presents methods for computing distributions of ex post and ex ante returns.
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Format: PDF | Size: 2,079KB | Date: Aug 2005 | Pages: 199
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