Working Paper Series,
Stockholm University, Swedish Institute for Social Research

Abstract: Evaluations of adults in formal education (AE) are typically based on earnings measured 5-10 years after program enrollment. This paper estimates returns up to 24 years after enrollment, and explore results for 15 cohorts of first-time registered in AE in Sweden 1994-2008 with at least a 10-year follow-up period. The results indi-cate substantially higher payoffs in absolute terms after the maximum length of fol-low-up compared with after 10 years. There is also weak support that multiplier ef-fects increase the percentage returns to AE over time, regardless of gender or whether the level of AE is college or high school.

Keywords: Adult education; Self-selection; Propensity score matching

JEL-codes: H30; H52; I20; J24; O30

Language: English

53 pages, First version: February 1, 2022. Revised: June 14, 2022. Earlier revisions: June 14, 2022.

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