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| Author: | Frazis, H. |
| Title: | Human capital, signaling, and the pattern of returns to education |
| Journal: | Oxford Economic Papers
2002 : APR, VOL. 54:2, p. 298-320 |
| Index terms: | Human capital Rate of return Education Statistical methods Models USA |
| Language: | eng |
| Abstract: | This paper analyzes the implications of the pattern of returns to education for human capital and signaling models. The U.S. Current Population Survey shows diploma effects and small returns to the interval just before college graduation. A human capital model explains this pattern only under special circumstances unlikely to be stable. A Spence-type signaling model can explain diploma effects, but not the low return prior to graduation unless there is substantial measurement error. An extension of the signaling model where agents are initially unsure of their ability is proposed. |
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