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American Economic Review: Vol. 101 No. 6 (October 2011)

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Trends in Quality-Adjusted Skill Premia in the United States, 1960-2000

Article Citation

Carneiro, Pedro, and Sokbae Lee. 2011. "Trends in Quality-Adjusted Skill Premia in the United States, 1960-2000." American Economic Review, 101(6): 2309-49.

DOI: 10.1257/aer.101.6.2309

Abstract

This paper presents new evidence that increases in college enrollment lead to a decline in the average quality of college graduates between 1960 and 2000, resulting in a decrease of 6 percentage points in the college premium. A standard demand and supply framework can qualitatively account for the trend in the college and age premia over this period, but substantial quantitative adjustments are needed to account for changes in quality. (JEL I23, J24, J31)

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Authors

Carneiro, Pedro (U College London)
Lee, Sokbae (Seoul National U)

JEL Classifications

I23: Higher Education and Research Institutions
J24: Human Capital; Skills; Occupational Choice; Labor Productivity
J31: Wage Level and Structure; Wage Differentials


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