This article analyzes the causes and consequences of the growing proportion of high-school-certified persons who achieve that status by exam certification rather than through high school graduation. Exam-certified high school equivalents are statistically indistinguishable from high school...

This article formulates and estimates alternative equilibrium models of industrial wage determination and self-selection. In explaining industrial wage differentials, the authors find that it is important to account for heterogenous sector-specific skills and self-selection decisions by agents...