Income, Schooling, and Ability: Evidence from a New Sample of Identical Twins
43 Pages Posted: 11 Sep 2000 Last revised: 10 Mar 2022
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Income, Schooling, and Ability: Evidence from a New Sample of Identical Twins
Income, Schooling, and Ability Evidence from a New Sample of Identical Twins
Date Written: July 1997
Abstract
We develop a model of optimal schooling investments and estimate it using new data on approximately 700 identical twins. We estimate an average return to schooling of 9 percent for identical twins, but estimated returns appear to be slightly higher for less able individuals. Simple cross-section estimates are marginally upward biased. These empirical results imply that more able individuals attain more schooling because they face lower marginal costs of schooling, not because of higher marginal benefits.
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