Three observations on wages and measured cognitive ability |
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| Institution: | 1. Department of Policy Analysis and Management, MVR Hall, Cornell University, Ithaca, NY 14853, USA;2. Department of Economics, University of Chicago, 1126 East 59th St., Chicago, IL 60637, USA;3. Department of Economics, Stanford University, 231 Landau Economics Building, 579 Serra Mall, Stanford, CA 94305, USA;1. Department of Community Health Sciences, College of Medicine, Faculty of Health Sciences, University of Manitoba, 408-727 McDermot Avenue, Winnipeg, Manitoba R3E 3P5, Canada;2. Manitoba Centre for Health Policy, University of Manitoba, Canada;3. Healthy Child Manitoba Office, 3rd Floor, 332 Bannatyne Avenue, Winnipeg, Manitoba, R3A 0E2, Canada;1. Inter-American Development Bank 1300 New York AVE NW, SE-948, 20577 Washington DC, USA;2. Centro de Estudios Regionales Cafeteros y Empresariales Km 11 Via al Magdalena, Manizales, Caldas, Colombia;1. Lawrence University, Appleton, WI, United States;2. Duke University, Durham, NC, United States |
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| Abstract: | This paper summarizes our recent research on the relationship between wages and measured cognitive ability. In it, we make three main points. First, we find that wage payment by ability does vary across race and gender in the US, and that the fraction of wage variance explained by cognitive ability is modest. Second, measured cognitive ability and schooling are so highly correlated that one cannot separate their effects without imposing strong, arbitrary parametric structure in estimation which, when tested, is rejected by the data. Third, controlling for cognitive ability, personality traits (socialization skills) are correlated with earnings, although they primarily operate through schooling attainment. |
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