Rates of Return to Schooling in Thailand

Using 2007-2010 data from Thailand’s National Labor Force Survey, this paper examines the rates of return to schooling. The Mincer-type rate of return to investment in schooling was estimated. The rates of return to schooling for work experience are significantly positive, but at a decreasing rate. Region of residence and variation in gross provincial product per capita are significant factors in determining the private rate of return. The rates of return to schooling by type of industry reveal higher earnings in mining, utilities, construction, manufacturing, and services than in agriculture. The private and social returns on vocational secondary education attainment are greater than on general secondary education. Finally, the private returns on university attainment for women exceed men by about 1.5 percentage points