Human Capital Pricing Equations with an Application to Estimating the Effect of Schooling Quality on Earnings
构建并估计了劳动服务的定价模型，发现异质性技能模型比效率单位模型更符合美国数据，且学校教育质量对收入的影响仅通过大学教育回报体现，同时比较优势和选择性迁移是关键因素。
This paper formulates and estimates alternative models for the pricing of labor services. We present economic models that rationalize empirical specifications in the literature and we offer evidence on the validity of those specifications. Widely used efficiency units models of labor services are inconsistent with evidence from the U.S. labor market. A model of heterogeneous skills provides a more accurate description of earnings data. We present evidence that the pursuit of comparative advantage and selective migration are important features of the U.S. labor market. When these features are included in the model, the only support for an effect of schooling quality on earnings is through the return to college education. Three interactions are empirically important in explaining log wage equations: (A) between schooling quality and education, (B) between regional labor market shocks and education and (C) between region-of-residence and regionof-birth. Because of this third interaction, which can arise from comparative advantage in the labor market, no unique quality effect on returns to education can be defined independently of the market in which it is used.