Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 06 Jan 2018 My Price 7.00

return to education

  1. The following model allows the return to education to depend upon the total amount of both parents’ education, called pareduc :

log( wage ) 5 b 0 1 b 1 educ 1 b 2 educ ? pareduc 1 b 3 exper 1 b 4 tenure 1 u .

    1. Show that, in decimal form, the return to another year of education in this model is

∆log( wage )/∆ educ 5 b 1 1 b 2 pareduc .

What sign do you expect for b 2 ? Why?

    1. Using the data in WAGE2.RAW, the estimated equation is

 log( wag e ) 5 5.65 1 . 047 educ 1 . 00078 educ ? pareduc 1

(.13) ( . 010) ( . 00021)

. 019 exper 1 . 010 tenure

( . 004) ( . 003)

n 5 722 , R 2 5 .169.

(Only 722 observations contain full information on parents’ education.) Interpret the coefficient on the interaction term. It might help to choose two specific values for pareduc —for example, pareduc 5 32 if both parents have a college education, or pareduc 5 24 if both parents have a high school education—and to compare the estimated return to educ .

    1. When pareduc is added as a separate variable to the equation, we get:

 log( wag e ) 5 4.94 1 . 097 educ 1 . 033 pareduc 2 . 0016 educ ? pareduc

(.38) ( . 027) ( . 017) ( . 0012)

1 . 020 exper 1 . 010 tenure

( . 004) ( . 003)

n 5 722, R 2 5 . 174 .

Does the estimated return to education now depend positively on parent education? Test the null hypothesis that the return to education does not depend on parent education.

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Jan 2018 04:01 PM My Price 7.00

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