There has been a rising interest in understanding better the impact of college choices on wages, an interest motivated by concerns about increasing wage inequalities, about increasing costs of elite colleges, and about the perceived increasing roles of highly educated individuals in maintaining...

Understanding the economic payoff to human investments is very important from the standpoint both of individuals and of society. Correctly estimating these impacts necessitates having a well-developed idea of the microeconomic determinants of human behavior. Without this, empirical analyses of...