Schooling and Economic Well-Being: The Role of Nonmarket Effects
Standard estimates of the economic value of additional schooling, based on earnings differences associated with differences in the level of schooling attained, cover only a portion of the total effects of education that are valued by citizens. We first identify a catalog of nonmarketed effects, many of which have been recently studied by economists, and then propose a procedure for estimating a willingness-to-pay value for these effects. Using empirical estimates of the magnitude of a selection of these effects found in the literature, we calculate willingness-to-pay values using our proposed procedure. These illustrative calculations suggest that standard estimates of the benefit of incremental schooling substantially understate the full value of such investments.
Year of publication: |
1984
|
---|---|
Authors: | Haveman, Robert H. ; Wolfe, Barbara L. |
Published in: |
Journal of Human Resources. - University of Wisconsin Press. - Vol. 19.1984, 3
|
Publisher: |
University of Wisconsin Press |
Saved in:
Online Resource
Saved in favorites
Similar items by person
-
Succeeding generations : on the effects of investments in children
Haveman, Robert H., (1994)
-
The "window problem" in studies of children's attainments : a methodological exploration
An, Jong beom, (1992)
-
Market work, wages, and men's health
Haveman, Robert H., (1989)
- More ...