responses to education and find evidence for substantial heterogeneity in unobserved variables on which agents make choices. The … estimated treatment effects of education are decomposed into the direct benefits of attaining a given level of schooling and … estimated treatment effects. While the estimated causal effects of education are substantial for most outcomes, we also estimate …

expected, students who perceive the monetary returns to education to be higher are more likely to intend to continue in full …-time education. However, the main driver is the perceived consumption value, which alone explains around half of the variation of the … intention to pursue higher education. Moreover, the perceived consumption value can account for a substantial part of both the …

This paper estimates returns to education using a dynamic model of educational choice that synthesizes approaches in … differentials. For some, there are substantial causal effects of education at all stages of schooling. …