Separating Uncertainty from Heterogeneity in Life Cycle Earnings

This paper develops and applies a method for decomposing cross section variability of earnings into components that are forecastable at the time students decide to go to college (heterogeneity) and components that are unforecastable. About 60% of variability in returns to schooling is forecastable. This has important implications for using measured variability to price risk and predict college attendance

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Year of publication:	[2021]
Authors:	Cunha, Flávio ; Heckman, James J. ; Navarro, Salvador
Publisher:	[S.l.] : SSRN
Subject:	Lebenszyklus \| Life cycle \| Schätzung \| Estimation \| Lebenseinkommen \| Lifetime income \| Bildungsertrag \| Returns to education \| Bildungsverhalten \| Educational behaviour \| Theorie \| Theory

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