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The estimation of the rate of return to education in China: an empirical analysis using instrument variable estimation with months of birth and its Issues

Cowling, Michael Leith


Any attempt to estimate the rate of return to education using ordinary least squares (OLS) models suffers from omitted variable bias due to unobservable factors that are correlated with both the education variable and the return dependent variable. Instrument Variables, such as the birth months of students, provide an alternative estimation method that can create less biased estimates. The validity of the birth months as instrument variables depends on being uncorrelated with individual...[Show more]

CollectionsOpen Access Theses
Date published: 2014-10-31
Type: Thesis (Honours)
DOI: 10.25911/5d70ee9c2f2e2


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