Returns to Education: The Causal Effects of Education on Earnings, Health, and Smoking
通过动态教育选择模型估计教育的因果效应，发现大学并非对所有人都是明智选择，能力偏差是观察到的教育差异的主要组成部分，且教育在不同阶段对部分人群有显著因果影响。
This paper estimates returns to education using a dynamic model of educational choice that synthesizes approaches in the structural dynamic discrete choice literature with approaches used in the reduced form treatment effect literature. It is an empirically robust middle ground between the two approaches which estimates economically interpretable and policy-relevant dynamic treatment effects that account for heterogeneity in cognitive and non-cognitive skills and the continuation values of educational choices. Graduating college is not a wise choice for all. Ability bias is a major component of observed educational differentials. For some, there are substantial causal effects of education at all stages of schooling.