Separating uncertainty from heterogeneity in life cycle earnings期刊界 All Journals 搜尽天下杂志传播学术成果专业期刊搜索期刊信息化学术搜索

Separating uncertainty from heterogeneity in life cycle earnings

Authors:	Cunha, Flavio Heckman, James Navarro, Salvador

Affiliation:	*Department of Economics, University of Chicago, 1126 E. 59th Street, Chicago, IL 60637, USA $"{dagger}"$ Department of Economics, University of Chicago, the American Bar Foundation and Peking University, and Department of Economics, University College London

Abstract:	This paper develops and applies a method for decomposing crosssection variability of earnings into components that are forecastableat the time students decide to go to college (heterogeneity)and components that are unforecastable. About 60% of variabilityin returns to schooling is forecastable. This has importantimplications for using measured variability to price risk andpredict college attendance.

Keywords:	JEL Classification: C33 D84 I21
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