What are the economic returns to education in Australia? Using data from the 2018–2022 waves of the Household, Income and Labour Dynamics in Australia survey, and taking account of the existing estimates of ability bias and social returns to schooling, I estimate the economic return to various levels of education. As in a 2008 paper in this journal, which used data from the 2001–2005 waves of the same survey, I report large returns. Across high school, vocational education and university qualifications, an additional year of schooling raises hourly wages by 7 per cent, boosts annual earnings by 13 per cent, and increases the probability of reporting positive earnings by 4 percentage points. In terms of hourly wages, the largest per‐year returns are from completing a Bachelor degree. In terms of annual earnings, the largest per‐year returns are from completing year 12. Testing for changes in returns to schooling over time provides little evidence of systematic trends over the period 2001–2022. Over the lifecycle, returns to education tend to decline from age 60 for high school and vocational qualifications, and tend to decline from age 55 for university qualifications, suggesting that the value of education diminishes as workers approach retirement age.
澳大利亚教育的经济回报率如何？利用 2018-2022 年澳大利亚家庭、收入和劳动力动态调查（Household, Income and Labour Dynamics in Australia survey）的数据，并考虑到能力偏差和学校教育社会回报的现有估算，我估算了不同教育水平的经济回报。与本刊 2008 年发表的一篇论文（该论文使用了 2001-2005 年同一调查的数据）一样，我也报告了巨大的回报。就高中、职业教育和大学学历而言，每多接受一年教育，每小时工资就会增加 7%，年收入就会增加 13%，报告正收入的概率就会增加 4 个百分点。就小时工资而言，获得学士学位的年回报率最高。就年收入而言，完成 12 年教育的年回报率最高。在 2001-2022 年期间，对教育回报率随时间推移的变化进行的测试几乎没有提供系统性趋势的证据。在整个生命周期中，高中和职业资格证书的教育回报率从 60 岁开始趋于下降，大学资格证书的教育回报率从 55 岁开始趋于下降，这表明随着工人接近退休年龄，教育的价值会逐渐降低。
{"title":"Returns to Education in Australia 2001–2022*","authors":"Andrew Leigh","doi":"10.1111/1759-3441.12417","DOIUrl":"https://doi.org/10.1111/1759-3441.12417","url":null,"abstract":"What are the economic returns to education in Australia? Using data from the 2018–2022 waves of the Household, Income and Labour Dynamics in Australia survey, and taking account of the existing estimates of ability bias and social returns to schooling, I estimate the economic return to various levels of education. As in a 2008 paper in this journal, which used data from the 2001–2005 waves of the same survey, I report large returns. Across high school, vocational education and university qualifications, an additional year of schooling raises hourly wages by 7 per cent, boosts annual earnings by 13 per cent, and increases the probability of reporting positive earnings by 4 percentage points. In terms of hourly wages, the largest per‐year returns are from completing a Bachelor degree. In terms of annual earnings, the largest per‐year returns are from completing year 12. Testing for changes in returns to schooling over time provides little evidence of systematic trends over the period 2001–2022. Over the lifecycle, returns to education tend to decline from age 60 for high school and vocational qualifications, and tend to decline from age 55 for university qualifications, suggesting that the value of education diminishes as workers approach retirement age.","PeriodicalId":340385,"journal":{"name":"Economic Papers: A journal of applied economics and policy","volume":"80 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141111740","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Those with intra‐organisational familial links often advance more quickly due to nepotism. We harness a large database from a natural setting relating to a specific paternal mechanism in professional sport; with our results suggesting that when external arbitrators are utilised as a tool to ensure fairness of assessments, there is effectively no evidence of performance evaluation bias in favour of subjects with the internal benefit of family reputation. This suggests that impartial assessors may be an appropriate method of safeguarding against nepotism within organisations. However, there is still some weak evidence that the influence of the agent's family name can itself still make a difference.
{"title":"Familial Reputation, Bias and Impartial Arbitrators “on the Field”*","authors":"Liam J. A. Lenten, A. Barake, Mark F. Stewart","doi":"10.1111/1759-3441.12413","DOIUrl":"https://doi.org/10.1111/1759-3441.12413","url":null,"abstract":"Those with intra‐organisational familial links often advance more quickly due to nepotism. We harness a large database from a natural setting relating to a specific paternal mechanism in professional sport; with our results suggesting that when external arbitrators are utilised as a tool to ensure fairness of assessments, there is effectively no evidence of performance evaluation bias in favour of subjects with the internal benefit of family reputation. This suggests that impartial assessors may be an appropriate method of safeguarding against nepotism within organisations. However, there is still some weak evidence that the influence of the agent's family name can itself still make a difference.","PeriodicalId":340385,"journal":{"name":"Economic Papers: A journal of applied economics and policy","volume":"91 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140366189","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-11-02DOI: 10.21203/rs.3.rs-929565/v1
D. Andrade-Molina, J. Fernández-Cadena, M. Fernandez, Lauren A. Rhodes, Gonzalo E. Sánchez
behavior with health campaigns. We examine Guayaquil, Ecuador which was hit particularly hard in the first few months of the pandemic. As lockdowns and social distancing led families to rely on others to secure food or medical assistance, perceptions on trust and the dynamics of social capital during the initial (and worst) months of the pandemic were particularly important. Methods: This paper uses a unique dataset of people receiving a COVID test after suspicion of infection. People in our dataset were active during the height of the pandemic and faced the possibility of needing to rely on others in the case of testing positive. We use regression analysis to study the relation between compliance with mobility restrictions and institutional and relational trust.Results: We find that trusting that close relations (such as family) will be there for you in the case of falling ill is associated with a significant increase in the probability of complying with health campaigns. Additionally, we find that trust in the government has a weak relationship to compliance. However, compliance decreases when examining increased trust in the police but increases with trust in the military.Conclusions: The findings show that enhancing trust may improve compliance with social distancing measures. However, increasing trust in specific groups could have negative consequences. Importantly, compliance could be increased by emphasizing in campaigns that your behavior could influence the health of those who you care about.
{"title":"I’ll be Good for Grandma: Institutional and Relational Trust and COVID-19 Restriction Compliance","authors":"D. Andrade-Molina, J. Fernández-Cadena, M. Fernandez, Lauren A. Rhodes, Gonzalo E. Sánchez","doi":"10.21203/rs.3.rs-929565/v1","DOIUrl":"https://doi.org/10.21203/rs.3.rs-929565/v1","url":null,"abstract":"\u0000 behavior with health campaigns. We examine Guayaquil, Ecuador which was hit particularly hard in the first few months of the pandemic. As lockdowns and social distancing led families to rely on others to secure food or medical assistance, perceptions on trust and the dynamics of social capital during the initial (and worst) months of the pandemic were particularly important. Methods: This paper uses a unique dataset of people receiving a COVID test after suspicion of infection. People in our dataset were active during the height of the pandemic and faced the possibility of needing to rely on others in the case of testing positive. We use regression analysis to study the relation between compliance with mobility restrictions and institutional and relational trust.Results: We find that trusting that close relations (such as family) will be there for you in the case of falling ill is associated with a significant increase in the probability of complying with health campaigns. Additionally, we find that trust in the government has a weak relationship to compliance. However, compliance decreases when examining increased trust in the police but increases with trust in the military.Conclusions: The findings show that enhancing trust may improve compliance with social distancing measures. However, increasing trust in specific groups could have negative consequences. Importantly, compliance could be increased by emphasizing in campaigns that your behavior could influence the health of those who you care about.","PeriodicalId":340385,"journal":{"name":"Economic Papers: A journal of applied economics and policy","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128803205","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Nexus Between Energy and Trade in South Asia: A Panel Analysis","authors":"A. Ahmed, S. Amin, C. Harvie, Rabindra Nepal","doi":"10.1111/1759-3441.12311","DOIUrl":"https://doi.org/10.1111/1759-3441.12311","url":null,"abstract":"","PeriodicalId":340385,"journal":{"name":"Economic Papers: A journal of applied economics and policy","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123160447","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Current literature on public hospital efficiency in Australia only reveals information on how efficient public hospitals are in the short run. The presence of persistent technical inefficiency arising from long-term systemic problems and government-related regulatory constraints does not appear to have been addressed. Using yearly panel data for the period 2002-2018 on eight Australian states and territories, this study incorporates the measure of both transient and persistent technical inefficiency while controlling for unobserved heterogeneity to obtain a more precise measure of technical efficiency. The results of this study indicate that the technical inefficiency among public hospitals in Australia is persistent rather than transient based on state and territory level data. This implies that policymakers need to formulate comprehensive policies involving a longer time horizon that focuses on reducing the persistence in inefficiency among public hospitals in Australia. The study also calls on policymakers and regulators to disclose hospital-level data to researchers in order to gain further insight into the causes of persistence in inefficiency to formulate effective policies.
{"title":"Persistent and Transient Inefficiency of Australian States and Territories in Providing Public Hospital Services: An Application of Bayesian Stochastic Finite Mixture Frontier Analysis","authors":"Antony Andrews, O. Temoso, Sean Kimpton","doi":"10.1111/1759-3441.12310","DOIUrl":"https://doi.org/10.1111/1759-3441.12310","url":null,"abstract":"Current literature on public hospital efficiency in Australia only reveals information on how efficient public hospitals are in the short run. The presence of persistent technical inefficiency arising from long-term systemic problems and government-related regulatory constraints does not appear to have been addressed. Using yearly panel data for the period 2002-2018 on eight Australian states and territories, this study incorporates the measure of both transient and persistent technical inefficiency while controlling for unobserved heterogeneity to obtain a more precise measure of technical efficiency. The results of this study indicate that the technical inefficiency among public hospitals in Australia is persistent rather than transient based on state and territory level data. This implies that policymakers need to formulate comprehensive policies involving a longer time horizon that focuses on reducing the persistence in inefficiency among public hospitals in Australia. The study also calls on policymakers and regulators to disclose hospital-level data to researchers in order to gain further insight into the causes of persistence in inefficiency to formulate effective policies.","PeriodicalId":340385,"journal":{"name":"Economic Papers: A journal of applied economics and policy","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128213690","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Modelling Asymmetry and Leverage in Cryptocurrencies and Emerging Financial Markets","authors":"Maurice Omane-Adjepong, I. Alagidede","doi":"10.1111/1759-3441.12308","DOIUrl":"https://doi.org/10.1111/1759-3441.12308","url":null,"abstract":"","PeriodicalId":340385,"journal":{"name":"Economic Papers: A journal of applied economics and policy","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134357930","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A Solution to the Systemic Issues with the Australian Retirement System","authors":"John R. Evans, A. Razeed","doi":"10.1111/1759-3441.12306","DOIUrl":"https://doi.org/10.1111/1759-3441.12306","url":null,"abstract":"","PeriodicalId":340385,"journal":{"name":"Economic Papers: A journal of applied economics and policy","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124907007","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Effective Marginal Tax or Benefit? The Medicare Levy and Australian Defence Personnel","authors":"Elizabeth Manning","doi":"10.1111/1759-3441.12303","DOIUrl":"https://doi.org/10.1111/1759-3441.12303","url":null,"abstract":"","PeriodicalId":340385,"journal":{"name":"Economic Papers: A journal of applied economics and policy","volume":"143 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122936176","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Adoption of Blockchain Technology in the Australian Grains Trade: An Assessment of Potential Economic Effects","authors":"D. Gunasekera, E. Valenzuela","doi":"10.1111/1759-3441.12274","DOIUrl":"https://doi.org/10.1111/1759-3441.12274","url":null,"abstract":"","PeriodicalId":340385,"journal":{"name":"Economic Papers: A journal of applied economics and policy","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131240141","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The fungibility of money is a characteristic which contributes to the quality of money. Fungibleness is itself related to the technical ability to associate a unit of currency with its past instances of exchange. This history is analogous to the identity of money. The identity of an individual unit of exchange is increasingly important as cash becomes less common, and banks require more information about the provenance of money. Private currencies, including Bitcoin and Libra, are themselves subject to tracking. The prior financial—and potentially political—activities of a user determine the fungibility of the currency they hold. Different money technologies provide varied levels of privacy, while cryptocurrencies offer users the potential to choose the level of information they share.
{"title":"The Identity, Fungibility and Anonymity of Money","authors":"Alastair Berg","doi":"10.1111/1759-3441.12273","DOIUrl":"https://doi.org/10.1111/1759-3441.12273","url":null,"abstract":"The fungibility of money is a characteristic which contributes to the quality of money. Fungibleness is itself related to the technical ability to associate a unit of currency with its past instances of exchange. This history is analogous to the identity of money. The identity of an individual unit of exchange is increasingly important as cash becomes less common, and banks require more information about the provenance of money. Private currencies, including Bitcoin and Libra, are themselves subject to tracking. The prior financial—and potentially political—activities of a user determine the fungibility of the currency they hold. Different money technologies provide varied levels of privacy, while cryptocurrencies offer users the potential to choose the level of information they share.","PeriodicalId":340385,"journal":{"name":"Economic Papers: A journal of applied economics and policy","volume":"321 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133925711","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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