论文标题
顺序选择，期权价值和教育回报
Sequential Choices, Option Values, and the Returns to Education
论文作者
论文摘要
我们使用有关收入，教育和工作历史的详细数据，我们估算了一种动态的教育和部门选择的结构模型，该模型可以通过能力捕获丰富的生命周期模式。我们验证了该模型，以防止强制性学校改革引起的教育选择差异。我们的方法使我们能够通过个人能力来估计前坦的返回到整个生命周期的不同教育轨道，并量化期权价值的贡献。我们发现回报的实质性异质性，并为期权价值和重新注册在确定教育选择和教育政策的影响方面建立了关键作用。
Using detailed Norwegian data on earnings, education and work histories, we estimate a dynamic structural model of education and sector choices that captures rich life-cycle patterns by ability. We validate the model against variation in education choices induced by a compulsory schooling reform. Our approach allows us to estimate the ex-ante returns to different education tracks across the life-cycle by individual ability and quantify the contribution of option values. We find substantial heterogeneity in returns and establish crucial roles for option values and re-enrollment in determining education choices and the impact of schooling policies.
