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Credit Where Credit Is Due: An Approach to Education Returns Based on Shapley Values

Author

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  • Barakat, Bilal
  • Crespo Cuaresma, Jesus
Abstract
We propose the use of methods based on the Shapley value to assess the fact that private returns to lower levels of educational attainment should incorporate prospective returns from higher attainment levels, since achieving primary education is a necessary condition to enter secondary and tertiary educational levels. We apply the proposed adjustment to a global dataset of private returns to different educational attainment levels and find that the corrected returns to education imply a large shift of returns from tertiary to primary schooling in countries at all income levels.

Suggested Citation

  • Barakat, Bilal & Crespo Cuaresma, Jesus, 2016. "Credit Where Credit Is Due: An Approach to Education Returns Based on Shapley Values," Department of Economics Working Paper Series 228, WU Vienna University of Economics and Business.
    • Handle: RePEc:wiw:wus005:5086
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    File URL: https://epub.wu.ac.at/5086/
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    References listed on IDEAS

    as
    1. Lutz, Wolfgang & Butz, William P. & KC, Samir (ed.), 2014. "World Population and Human Capital in the Twenty-First Century," OUP Catalogue, Oxford University Press, number 9780198703167.
    2. Claudio E. Montenegro & Harry Anthony Patrinos, 2014. "Comparable Estimates of Returns to Schooling Around the World," Working Papers wp390, University of Chile, Department of Economics.
    3. Barro, Robert J. & Lee, Jong Wha, 2013. "A new data set of educational attainment in the world, 1950–2010," Journal of Development Economics, Elsevier, vol. 104(C), pages 184-198.
    4. World Bank, 2013. "World Development Indicators 2013," World Bank Publications - Books, The World Bank Group, number 13191.
    5. Appleton, Simon & Hoddinott, John & Knight, John, 1996. "Primary Education as an Input into Post-primary Education: A Neglected Benefit," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 58(1), pages 211-219, February.
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    More about this item

    Keywords

    Returns to education; Shapley value;

    JEL classification:

    • I26 - Health, Education, and Welfare - - Education - - - Returns to Education
    • I25 - Health, Education, and Welfare - - Education - - - Education and Economic Development
    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games

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