This paper looks at the joint impact of labour market risk and selection in to the labour market on returns to … education. Accounting for non-employment risk leads to substantial changes in returns while wage risk has little impact. The … risk- adjusted returns to both high school and college for males are larger than unadjusted returns. For females, risk …

loss due to increased earnings risk. However, German registry data for the years 2001-2016 reveal a moderation in higher …-order earnings risk: Men and women born later face higher skewness in earnings changes, indicating fewer large decreases than …