The Social Benefits of Education by Behrman Jere R.;Stacey Nevzer;

Author:Behrman, Jere R.;Stacey, Nevzer;
Language: eng
Format: epub
Publisher: University of Michigan Press

In this system h is health, y is permanent income, s is years of formal schooling completed, t is time preference for the present, and u, ν, and w are disturbance terms that are mutually uncorrelated. The first equation is a demand for health function in which the coefficient of s reflects productive or allocative efficiency or both. Fuchs assumes that β2 equals zero. Hence, the coefficient of s in the first equation is biased if t is omitted. In one version of their model, Becker and Mulligan assume that ϕ equals zero. although in a more general formulation they allow this coefficient to he nonzero. Given that ϕ is zero and substituting the second equation into the first, one obtains

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