000			02192cam a22003377 4500
001			w11544
003			NBER
005			20211020112502.0
006			m o d
007			cr cnu||||||||
008			210910s2005 mau fo 000 0 eng d
100	1		_aHeckman, James J. _932303
245	1	0	_aEarnings Functions, Rates of Return and Treatment Effects: _bThe Mincer Equation and Beyond / _cJames J. Heckman, Lance J. Lochner, Petra E. Todd.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2005.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w11544
500			_aAugust 2005.
520	3		_aThis paper considers the interpretation of "Mincer rates of return." We test and reject the Mincer model. It fails to track the time series of true returns. We show how repeated cross section and panel data improves the ability of analysts to estimate the ex ante and ex post marginal rate of returns. Accounting for sequential revelation of information calls into question the validity of the internal rate of return as a tool for policy analysis. The large estimated psychic costs of schooling found in recent work helps to explain why persons do not attend school even though the financial rewards for doing so are high. We present methods for computing distributions of ex post and ex ante returns.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aC31 - Cross-Sectional Models • Spatial Models • Treatment Effect Models • Quantile Regressions • Social Interaction Models _2Journal of Economic Literature class.
700	1		_aLochner, Lance J. _915491
700	1		_aTodd, Petra E.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w11544.
856	4	0	_uhttps://www.nber.org/papers/w11544
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w11544
942			_2ddc _cW-PAPER
999			_c336611 _d295173