Abstract

FORERO, Nohora  and  GAMBOA, Luis Fernando. Changes in the returns to education in Bogota between 1997 and 2003. Lect. Econ. [online]. 2007, n.66, pp.225-249. ISSN 0120-2596.

This paper estimates the returns to education in Bogotá in 1997 and 2003 by means of Heckman s maximum likelihood methodology. The analytical framework used is Human Capital Theory. Instead of using the Encuesta Nacional de Hogares (National Household Survey), as does current literature, we use the Encuesta de Calidad de Vida (Life Quality Survey). We found a reduction after the economic recession (1999) in aspects such as the returns to education and the impact of experience in Bogotá between these years. There are also suggestions about a decrease in the labor income and in the hour-income elasticity.

Keywords : Mincer equation; returns to education; selection bias; human capital theory.

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