Changes across Cohorts in Wage Returns to Schooling and Early Work Experiences
利用NLSY数据建立动态模型，研究年轻男性在早期成年期的教育与工作决策如何影响工资，并发现忽略工作经验的选择性会高估教育回报。
This paper investigates the wage returns to schooling and actual early work experiences and how these returns have changed over the past 20 years. Using the NLSY surveys, we develop and estimate a dynamic model of the joint schooling and work decisions that young men make in early adulthood and quantify how they affect wages using a generalized Mincerian specification. Our results highlight the need to account for dynamic selection and changes in composition when analyzing changes in wage returns. In particular, we find that ignoring the selectivity of accumulated work experiences results in overstatement of the returns to education.