The effects of families and ability on men's education and earnings in Britain

摘要: Abstract The paper estimates the returns to education for a cohort of men born in Britain March 1958 who have been followed since birth until age 33. data used has wealth information on family background including parental education, social class and interest shown child's as well measures ability. These variables are typically missing studies looking at schooling. In paper, we find that average return an additional year full-time UK is somewhere around 5 1/2% 6% even after correcting effects measurement error. also presents evidence schooling heterogeneous. particular, finds some with lower tastes significantly higher marginal education. results suggest recent IV UK, which exceed typical OLS estimates, may overestimate population whole.