Heterogeneity in Human Capital Investments: High School Curriculum, College Major, and Careers

Joseph G. Altonji; Erica Blom; Costas Meghir

doi:10.1146/annurev-economics-080511-110908

journal article Sep 01, 2012

Heterogeneity in Human Capital Investments: High School Curriculum, College Major, and Careers

Joseph G. Altonji Erica Blom Costas Meghir

Annual Review of Economics Vol. 4 No. 1 pp. 185-223 · Annual Reviews

View at Publisher Save 10.1146/annurev-economics-080511-110908

Abstract

Motivated by the large differences in labor market outcomes across college majors, we survey the literature on the demand for and return to high school and postsecondary education by field of study. We combine elements from several papers to provide a dynamic model of education and occupation choice that stresses the roles of the specificity of human capital and uncertainty about preferences, ability, education outcomes, and labor market returns. The model implies an important distinction between the ex ante and ex post returns to education decisions. We also discuss some of the econometric difficulties in estimating the causal effects of field of study on wages in the context of a sequential choice model with learning. Finally, we review the empirical literature on the choice of curriculum and the effects of high school courses and college major on labor market outcomes.

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Details

Published: Sep 01, 2012
Vol/Issue: 4(1)
Pages: 185-223

Authors

J

Joseph G. Altonji

Department of Economics, Yale University, New Haven, Connecticut 06520

E

Erica Blom

Department of Economics, Yale University, New Haven, Connecticut 06520

C

Costas Meghir

Department of Economics, University College London, WC1E 6BT London, United Kingdom;

Cite This Article

Joseph G. Altonji, Erica Blom, Costas Meghir (2012). Heterogeneity in Human Capital Investments: High School Curriculum, College Major, and Careers. Annual Review of Economics, 4(1), 185-223. https://doi.org/10.1146/annurev-economics-080511-110908

Heterogeneity in Human Capital Investments: High School Curriculum, College Major, and Careers

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