Heckman, James Joseph; Lochner, Lance J.; Todd, Petra E. - 2003
internal rates of return to schooling and in accounting for taxes, tuition, nonlinearity in schooling, and nonseparability … between schooling and work experience. Inferences about trends in rates of return to high school and college obtained from our … dramatically biased estimates of cohort returns to schooling. We also examine the implications of accounting for uncertainty and …