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A data set of comparable estimates of the private rate of return to schooling in the world, 1970–2014

Author

Listed:
  • Claudio E. Montenegro
  • Harry Anthony Patrinos
Abstract
Purpose - Young people experience lower employment, income and participation rates, as well as higher unemployment, compared to adults. Theory predicts that people respond to labor market information. For more than 50 years, researchers have reported on the patterns of estimated returns to schooling across economies, but the estimates are usually based on compilations of studies that may not be strictly comparable. The authors create a dataset of comparable estimates of the returns to education. Design/methodology/approach - The data set on private returns to education includes estimates for 142 economies from 1970 to 2014 using 853 harmonized household surveys. This effort holds the constant definition of the dependent variable, the set of controls, sample definition and the estimation method for all surveys. Findings - The authors estimate an average private rate of return to schooling of 10%. This provides a reasonable estimate of the returns to education and should be useful for a variety of empirical work, including critical information for youth. Originality/value - This is the first attempt to bring together surveys from so many countries to create a global data set on the returns to education.

Suggested Citation

  • Claudio E. Montenegro & Harry Anthony Patrinos, 2021. "A data set of comparable estimates of the private rate of return to schooling in the world, 1970–2014," International Journal of Manpower, Emerald Group Publishing Limited, vol. 44(6), pages 1248-1268, October.
    • Handle: RePEc:eme:ijmpps:ijm-03-2021-0184
    DOI: 10.1108/IJM-03-2021-0184
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    Cited by:

    1. Crawfurd, Lee, 2024. "Feasibility first: Expanding access before fixing learning," International Journal of Educational Development, Elsevier, vol. 104(C).
    2. Danon, Alice & Das, Jishnu & de Barros, Andreas & Filmer, Deon, 2024. "Cognitive and socioemotional skills in low-income countries: Measurement and associations with schooling and earnings," Journal of Development Economics, Elsevier, vol. 168(C).

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