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Graduate Education And Private Rates Of Return: A Review Of Theory And Empiricism

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  • J. M. CAMPBELL
  • THOMAS D. CURTIS

Abstract

In this paper twelve recent studies regarding private rates of return for graduate education are reviewed and evaluated. Possible sources of error due to data base, methodology and interpretation of results are examined and compared. After this has been done, the authors calculate returns to graduate education with spatial distribution problems and job security incorporated in the model. The article concludes that the typical rate of return method has been pushed about as far as it can go and now is the time for the economic profession to develop more meaningful techniques which will allow us to come to grips with the policy issues regarding the level of support for education.

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  • J. M. Campbell & Thomas D. Curtis, 1975. "Graduate Education And Private Rates Of Return: A Review Of Theory And Empiricism," Economic Inquiry, Western Economic Association International, vol. 13(1), pages 99-118, March.
    • Handle: RePEc:bla:ecinqu:v:13:y:1975:i:1:p:99-118
    DOI: 10.1111/j.1465-7295.1975.tb01106.x
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    References listed on IDEAS

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    1. Mincer, Jacob, 1970. "The Distribution of Labor Incomes: A Survey with Special Reference to the Human Capital Approach," Journal of Economic Literature, American Economic Association, vol. 8(1), pages 1-26, March.
    2. Bailey, Duncan & Schotta, Charles, 1972. "Private and Social Rates of Return to Education of Academicians," American Economic Review, American Economic Association, vol. 62(1), pages 19-31, March.
    3. T. Aldrich Finegan, 1962. "Hours of Work in the United States: A Cross-Sectional Analysis," Journal of Political Economy, University of Chicago Press, vol. 70(5), pages 452-452.
    4. Adger B. Carroll & Loren A. Ihnen, 1967. "Costs and Returns for Two Years of Postsecondary Technical Schooling: A Pilot Study," Journal of Political Economy, University of Chicago Press, vol. 75(6), pages 862-862.
    5. R. S. Eckaus, 1973. "Estimation of the Returns to Education with Hourly Standardized Incomes," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 87(1), pages 121-131.
    6. David A. Dodge & David A. A. Stager, 1972. "Economic Returns to Graduate Study in Science, Engineering and Business," Canadian Journal of Economics, Canadian Economics Association, vol. 5(2), pages 182-198, May.
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    Cited by:

    1. Eide, Eric & Waehrer, Geetha, 1998. "The Role of the Option Value of College Attendance in College Major Choice," Economics of Education Review, Elsevier, vol. 17(1), pages 73-82, February.

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