TY  - RPRT
        AU  - Cunha, Flavio
AU  - Heckman, James J.
AU  - Navarro, Salvador
        TI  - Separating Uncertainty from Heterogeneity in Life Cycle Earnings
        PY  - 2004/Dec/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 1437
        UR  - https://www.iza.org/publications/dp1437
        AB  - This paper develops and applies a method for decomposing cross section variability of earnings into components that are forecastable at the time students decide to go to college (heterogeneity) and components that are unforecastable. About 60% of variability in returns to schooling is forecastable. This has important implications for using measured variability to price risk and predict college attendance.
        KW  - counterfactuals
KW  - uncertainty
KW  - lifecycle earnings
KW  - schooling
KW  - heterogeneity
        ER  -