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The Return to Schooling and Occupation Speci…c Skills

This paper estimates the eect of education and occupation speci…c work experience on wages using a dynamic structural model of human capital accu- mulation. In the model, forward looking workers endogenously accumulate both education and occupation speci…c work experience. Individuals have dierent preferences for attending school and heterogeneous abilities in each occupation. The model is estimated using panel data from the 1979 cohort of the National Longitudinal Survey of Youth (NLSY). The parameter estimates provide infor- mation about the extent to which the eect of education on wages varies both by grade level and across occupations. The estimates also quantify the eect of occupation speci…c human capital on wages and reveal the extent to which skills are transferable between occupations. In addition, the model is used to evaluate the relative importance of education and work experience in deter- mining wages for workers of dierent ability levels, and evaluate the eects of hypothetical policy interventions on human capital accumulation and wages.