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- Title
MODELIRANJE I KRETANJE STOPE POVRAĆANJA NA ULAGANJE U OBRAZOVANJE U OKVIRU POSTAVKA TEORIJE LJUDSKOG KAPITALA.
- Authors
VUKSANOVIĆ, NEMANJA
- Abstract
The aim of the paper is to provide insight into the econometric modelling of the rate of return on investment in education within the methodological framework of the human capital theory. The problem of endogeneity is particularly highlighted, which occurs due to the omission of unobservable characteristics of individuals, such as ability, and which leads to a biased estimate of returns to education. In addition to the experimental method, the paper also describes the instrumental variables method, as a non-experimental method which can be applied to overcome the endogeneity problem. Additionally, the paper provides a summary of the results of about 700 studies conducted in the period from 1960 to 2010, in which returns to education were assessed.
- Subjects
HUMAN capital; EDUCATIONAL finance; INVESTMENT education; ECONOMETRIC models; ENDOGENEITY (Econometrics); ECONOMETRICS
- Publication
Ekonomske Ideje i Praksa, 2023, Issue 49, p17
- ISSN
2217-6217
- Publication type
Article
- DOI
10.54318/eip.2023.nv.345