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sibling data를 이용한 교육투자수익률 추정

Estimating the Rate of Return to Education by Using Sibling Data

초록/요약

This paper shows that the case of ordinal wage equation which is not reflect sibling's educational level may be biased upward due to omitted variables. According to the result, When sibling's educational level is included in wage equation, the rate of return to education is reduced by 41.7% for sibling1 and 61.2% for sibling2. Also, adjustments for measurement error, the rate of return to education is reduced. It shows that the upward bias is estimated the rate of return to education due to omitted variables is larger than the downward bias due to error in the measurement of education.

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