, James Heckman
and Salvador Navarro
Flavio Cunha: University of Chicago, Postal: Department of Economics, 1126 E 59th Street, Chicago, IL 60637
James Heckman: University of Chicago, Postal: Department of Economics, 1126 E 59th Street, Chigago, IL 60637,
Salvador Navarro: University of Chicago, Postal: 1126 E 59th Street, Chicago, IL 60637
Abstract: This paper develops and applies a method for decomposing cross section variability of earnings into components that are forecastable at the time students decide to go to college (heterogeneity) and components that are unforecastable. About 60 % of variability in returns to schooling is forecastable. This has important implications for using measured variability to price risk and predict college attendance.
122 pages, December 10, 2004
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