The Return to Schooling and Occupation Specic Skills
نویسنده
چکیده
This paper estimates the e¤ect of education and occupation speci c work experience on wages using a dynamic structural model of human capital accumulation. In the model, forward looking workers endogenously accumulate both education and occupation speci c work experience. Individuals have di¤erent preferences for attending school and heterogeneous abilities in each occupation. The model is estimated using panel data from the 1979 cohort of the National Longitudinal Survey of Youth (NLSY). The parameter estimates provide information about the extent to which the e¤ect of education on wages varies both by grade level and across occupations. The estimates also quantify the e¤ect of occupation speci c human capital on wages and reveal the extent to which skills are transferable between occupations. In addition, the model is used to evaluate the relative importance of education and work experience in determining wages for workers of di¤erent ability levels, and evaluate the e¤ects of hypothetical policy interventions on human capital accumulation and wages. Email: [email protected]. Phone: (202) 691-6593. The views and opinions expressed in this paper does not necessarily reect those of the U.S. Bureau of Labor Statistics.
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