2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premium
➤ Gửi thông báo lỗi ⚠️ Báo cáo tài liệu vi phạmNội dung chi tiết: 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premium
2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premium
J. Benefit Cost Anal. 2019; IO(3):5O3-5530 Society for Benelldoi:10.1017/bca.2019.29Joni Hersch*1Catching Up Is Hard to Do: Undergraduate Prestige, El 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premiumlite Graduate Programs, and the Earnings PremiumAbstract: A commonly held perception is that an elite graduate degree can “scrub” a less prestigious but less cosily undergraduate degree. Using data from the National Survey of College Graduates from 2003 to 2017, this article examines the relationshi 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premiump between the status of undergraduate degrees and earnings among those with elite poslbaccalaurealc degrees. Few graduates of non-seleclive institutio2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premium
ns cam postbaccalaureate degrees from elite institutions, and even when they do, undergraduate institutional prestige continues to be positively relatJ. Benefit Cost Anal. 2019; IO(3):5O3-5530 Society for Benelldoi:10.1017/bca.2019.29Joni Hersch*1Catching Up Is Hard to Do: Undergraduate Prestige, El 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premium earn a graduate degree from an elite institution, the present value of the earnings advantage to having both an undergraduate and a graduate degree from an elite institution generally greatly exceeds any likely cost advantage from attending a less prestigious undergraduate institution.Keywords: ben 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premiumefit-cost analysis: earnings benefit: education and inequality: graduate degrees: higher education: human capital; professional labor markets: returns2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premium
to education; wage differentials.JEL classifications: 1)61; 124; 126; J24; J31; J441 IntroductionThere is extensive evidence of a substantial premiumJ. Benefit Cost Anal. 2019; IO(3):5O3-5530 Society for Benelldoi:10.1017/bca.2019.29Joni Hersch*1Catching Up Is Hard to Do: Undergraduate Prestige, El 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premiumchools, with the expectation of earning a more prestigious graduate degree. In fact, this seems to be conventional wisdom, as indicated by this quote from the New York Times: “College counselors have used this chestnut♦Thanks to participants at the Vanderbilt Law School faculty workshop, Alison Del 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premiumRossi, and w. Kip Viscusi for valuable comments and to Sarah Dalton, I lannah Frank, and Colton Cronin for excellent research assistance.Joni Hersch:2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premium
Vanderbilt Law School. 131 21st Avenue South. Nashville. TN 37203, USA. e-mail: joni.hersch@vanderbilt.edu504Joni Herschto assuage ambitious, cash-strJ. Benefit Cost Anal. 2019; IO(3):5O3-5530 Society for Benelldoi:10.1017/bca.2019.29Joni Hersch*1Catching Up Is Hard to Do: Undergraduate Prestige, El 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premium‘scrub’ an undergraduate diploma from a less prestigious, and more affordable, institution.”1The assumption underlying this advice is that the benefits to an elite graduate degree dominate any benefits from an elite undergraduate degree to the point that the status of the undergraduate degree is nea 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premiumrly irrelevant. Thus, in deciding among colleges, differences in costs associated with undergraduate institutions are more relevant than differences i2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premium
n benefits from the status of the undergraduate degree. But, there is no prior empirical support for this premise.The question 1 address in this articJ. Benefit Cost Anal. 2019; IO(3):5O3-5530 Society for Benelldoi:10.1017/bca.2019.29Joni Hersch*1Catching Up Is Hard to Do: Undergraduate Prestige, El 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premiumte institution. Although there are a large number of studies examining the premium to elite undergraduate education, whether the premium to an elite undergraduate degree persists among those with graduate degrees has not previously been examined. I find that the substantial premium to an elite under 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premiumgraduate degree remains even among those who earn graduate or professional degrees at elite institutions. In combination with the far lower likelihood2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premium
that graduates of non-sclcctivc institutions earn graduate or professional degrees of any kind, these findings have implications for individuals whenJ. Benefit Cost Anal. 2019; IO(3):5O3-5530 Society for Benelldoi:10.1017/bca.2019.29Joni Hersch*1Catching Up Is Hard to Do: Undergraduate Prestige, El 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premiumate institution continues to be related to earnings among those with elite graduate education is availability of data on a sufficiently large sample of graduate degree holders that also has information on educational institutions and on labor market outcomes. 1 use data from five waves of the Nation 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premiumal Survey of College Graduates (NSCG) conducted between 2003 and 2017. Data from these 5 survey years provide information on a nationally representati2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premium
ve sample of 456.861 college graduates, including 222,915 respondents w ith poslbaccalaurcatc degrees.The NSCG reports substantial information on indiJ. Benefit Cost Anal. 2019; IO(3):5O3-5530 Society for Benelldoi:10.1017/bca.2019.29Joni Hersch*1Catching Up Is Hard to Do: Undergraduate Prestige, El 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premiumavailable information on the Carnegie classification, which, as I show, is highly related to the commonly used Barron’s selectivity categories. I limit the analysis to those earning postbaccalaureate degrees from elite institutions. Graduate school admissions arc based largely on standardized lest s 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premiumcores and grades (as well as selectivity of undergraduate institution), so conditioning the analysis sample on graduation from an elite postbaccalaure2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premium
ate program1Nancy Hass. "Why You Can't Catch Up." New York Times. August 1. 2014. Available at https:// penna.ee/F4KN-DZFY.Catching Up is Hard to Do50J. Benefit Cost Anal. 2019; IO(3):5O3-5530 Society for Benelldoi:10.1017/bca.2019.29Joni Hersch*1Catching Up Is Hard to Do: Undergraduate Prestige, El 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premiumn is that irrespective of their undergraduate institution, students in comparable graduate programs should be subject to common quality standards.rhe main finding of this article is that the premium to an elite undergraduate degree remains large and statistically significant among those with elite g 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premiumraduate degrees even with extensive controls for individual characteristics, family background, and employment characteristics. I discuss possible mec2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premium
hanisms that may relate to the persistence of a premium to elite undergraduate degrees among those with elite graduate degrees.At the individual levelJ. Benefit Cost Anal. 2019; IO(3):5O3-5530 Society for Benelldoi:10.1017/bca.2019.29Joni Hersch*1Catching Up Is Hard to Do: Undergraduate Prestige, El 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premiumote in the first paragraph suggests, it seems to be conventional wisdom that attending a more-affordable college will not harm careers, and. furthermore, that a prestigious graduate degree can offset a less prestigious undergraduate credential. I lowever, this article challenges this advice on two d 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premiumimensions. First, “scrubbing” a less prestigious undergraduate degree is rare - students who attend non-selcctivc institutions for their bachelor’s de2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premium
grees rarely move up to an elite graduate or professional school for a postbaccalaureate degree. Second, even when students do earn a more illustriousJ. Benefit Cost Anal. 2019; IO(3):5O3-5530 Society for Benelldoi:10.1017/bca.2019.29Joni Hersch*1Catching Up Is Hard to Do: Undergraduate Prestige, El 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premiumngs resulting from combining an elite graduate education with a non-selectivc undergraduate credential. At minimum, college counselors and high school students (and their parents) should recognize that even those students planning postbaccalaureate education face substantial long-run consequences fr 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premiumom their initial college decisions.2 Empirical motivation'rhe question of interest is whether graduation from an elite postbaccalaureate program can o2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premium
ffset the earnings premium associated with a bachelor’s degree from an elite institution. This question relates to two widely analyzed issues. First, J. Benefit Cost Anal. 2019; IO(3):5O3-5530 Society for Benelldoi:10.1017/bca.2019.29Joni Hersch*1Catching Up Is Hard to Do: Undergraduate Prestige, El 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premiumfrom low income households do not2There is a large literature devoted (o estimating the return to elite education. In addition Io estimating the return Io elite education. Brewer and Ehrenberg (1996) provide a detailed summary of the literature through 1995. A partial list of studies since 1995 incl 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premiumude Andrews el al. (2016), Behrman el al. (1996), Black and Smith (2006). Brewer Ct al. (1999). Dale and Krueger (2002,2014). Eide Ct al. (1998). Grif2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premium
fith and Rask (2016). Hoekstra (2009). Hoxby (2001). Lang and Sinivcr (2011). Long (2008.2010). Monks (2ÍXXI), and Zhang (2005).506Joni Hcrschattend, J. Benefit Cost Anal. 2019; IO(3):5O3-5530 Society for Benelldoi:10.1017/bca.2019.29Joni Hersch*1Catching Up Is Hard to Do: Undergraduate Prestige, El 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premiumme households. there is also evidence that a substantial share of high ability students across all household income levels attend colleges below their ability level (Dillon & Smith, 2017).In line with the most common approach used in the large literature estimating the returns to elite undergraduate 2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premium education. I estimate earnings equations controlling for a measure of college quality of the following form:InY^Xip+Zir+a-1where Y is a measure of ea2019_Hersch_JBCA_catching_up_is_hard_to_do_undergraduate_prestige_elite_graduate_programs_and_the_earnings_premium
rnings, X is a vector of individual characteristics, z indicates college quality. ỊỈ and Y are parameters to be estimated, e is a random error term, aGọi ngay
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