Abstract #300930

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JSM 2002 Abstract #300930
Activity Number: 38
Type: Topic Contributed
Date/Time: Sunday, August 11, 2002 : 4:00 PM to 5:50 PM
Sponsor: Section on Bayesian Stat. Sciences*
Abstract - #300930
Title: Learning About Unobserved Heterogeneity in Returns to Schooling
Author(s): Justin Tobias*+
Affiliation(s): University of California, Irvine
Address: 3151 Social Sciences Plaza, Irvine, California, 92697-5100, USA
Keywords: Bayesian methods ; hierarchical models ; heterogeneity ; education
Abstract:

In this paper, we investigate the existence and nature of individual-level heterogeneity in returns to education using panel data from the NLSY. We present operational techniques that do not require natural experiments or instrumental variables. Instead, we introduce and estimate various hierarchical models which investigate the nature of heterogeneity in returns to schooling. We use previous specifications employed in the economics literature to motivate a variety of possible forms for the heterogeneity, introduce some new ones, and let the data decide among the competing specifications.

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