Belzil, Christian; Hansen, Jörgen - 2020
effects of real (as opposed to relative) family income on education have practically vanished between the early 1980's and the … early 2000's. After conditioning on a cognitive ability measure (AFQT), family background variables and unobserved … unobserved characteristics, a $300,000 differential in family income generated more than 2 years of education in the early 1980's …