Schooling is typically found to be highly correlated with individual earnings in African countries.  However, African firm or sector level studies have failed to identify a similarly strong effect for average worker schooling levels on productivity.  This has been interpreted as evidence that...

Many recent descriptive studies find convex schooling-earnings profiles in developing countries.  In these countries forward-looking students should attach option values to completing lower levels of schooling.  Another option value may arise due to the uncertain economic environment in which...