TY  - RPRT
        AU  - Mazza, Jacopo
AU  - Ophem, Hans van
AU  - Hartog, Joop
        TI  - Unobserved Heterogeneity and Risk in Wage Variance: Does Schooling Provide Earnings Insurance?
        PY  - 2011/Feb/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 5531
        UR  - https://www.iza.org/publications/dp5531
        AB  - We apply a recently proposed method to disentangle unobserved heterogeneity from risk in returns to education. We replicate the original study on US men and extend to US women, UK men and German men. Most original results are not robust. A college education cannot universally be considered an insurance against unpredictability of wages. One conclusion is unequivocally confirmed: uncertainty strongly dominates unobserved heterogeneity.
        KW  - selectivity
KW  - wage inequality
KW  - wage uncertainty
KW  - unobserved heterogeneity
KW  - education
KW  - replication
        ER  -