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Estimating Pecuniary and Non-Pecuniary Returns to College Education for Academically Marginal Students: Evidence from the College Enrollment Quota Policy in South Korea

This study attempts to estimate pecuniary and non-pecuniary returns to college education for academically marginal students in Korea. The Korean government limits the number of admission slots at each college by assigning a binding quota for each year. An increase in the quota admits more academically marginal students to college. The Instrumental Variables (IV) estimation, using di erences in the ratio of four-year college quota to cohort size across regions and cohorts, shows that four-year college attendance of marginal students increases their hourly wage by 68.5%. College education also increases fringe bene ts, as well as life and job satisfaction.