publication . Article . Other literature type . 1984

Schooling and Economic Well-Being: The Role of Nonmarket Effects

Robert Haveman; Barbara L. Wolfe;
Restricted
  • Journal: The Journal of Human Resources, volume 19, page 377 (issn: 0022-166X, Copyright policy)
  • Publisher: JSTOR
Abstract
Standard estimates of the economic value of additional schooling, based on earnings differences associated with differences in the level of schooling attained, cover only a portion of the total effects of education that are valued by citizens. We first identify a catalog of nonmarketed effects, many of which have been recently studied by economists, and then propose a procedure for estimating a willingness-to-pay value for these effects. Using empirical estimates of the magnitude of a selection of these effects found in the literature, we calculate willingness-to-pay values using our proposed procedure. These illustrative calculations suggest that standard estim...
Subjects
free text keywords: Management of Technology and Innovation, Strategy and Management, Economics and Econometrics, Organizational Behavior and Human Resource Management, Educational attainment, Socioeconomic status, Total effects, Nonmarket forces, Economic research, Economics, Labour economics, Economic well being, Earnings, Postsecondary education
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