The quality of schooling : quantity alone is misleading
指出仅用受教育年限衡量教育回报会高估其效果，通过纳入教育质量扩展明瑟方程，发现巴西年轻男性教育年限的私人回报率仅为标准估计的一半，而教育质量的社会回报率远高于数量。
Although much research discusses the quantity of schooling as an effective impact on productivity and earnings, most such research leaves out the idea of the quality of schooling which may cause biases in the estimated returns to schooling. This paper, consequently, attempts to extend the standard Mincerian approach to incorporate school quality as well as quantity. It demonstrates how exclusion of quality in the standard procedure may cause biases in the estimated returns to years of schooling, probably in the upward direction. The paper explores the implications of this extension of the standard model for the case of young Brazilian males. It shows that the estimate of the private return to years of schooling using the preferred quality-inclusive specification is only one-half the estimate using the standard procedure, indicating substantial upward bias in the standard estimates. It further outlines a method for estimating a social return to quality and finds that it exceeds substantially the social return to quantity. The paper then shows why this in turn suggests there may be an equity-productivity trade-off in schooling investments.