TY  - RPRT
        AU  - Heckman, James J.
AU  - Humphries, John Eric
AU  - Veramendi, Gregory
        TI  - Returns to Education: The Causal Effects of Education on Earnings, Health and Smoking
        PY  - 2016/May/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 9957
        UR  - https://www.iza.org/publications/dp9957
        AB  - This paper estimates returns to education using a dynamic model of educational choice that synthesizes approaches in the structural dynamic discrete choice literature with approaches used in the reduced form treatment effect literature. It is an empirically robust middle ground between the two approaches which estimates economically interpretable and policy-relevant dynamic treatment effects that account for heterogeneity in cognitive and non-cognitive skills and the continuation values of educational choices. Graduating college is not a wise choice for all. Ability bias is a major component of observed educational differentials. For some, there are substantial causal effects of education at all stages of schooling.
        KW  - causal effects of education
KW  - rates of return
KW  - health
KW  - earnings
KW  - education
KW  - cognitive skills
KW  - non-cognitive skills
        ER  -