The 'knowledge economy' is said to depend increasingly on capacities for innovation, knowledgegeneration and complex problem-solving -capacities attributed to university graduates with research degrees. To what extent, however, is the labor market absorbing and fully utilizing these capabilities? Drawing on data from a recent cohort of PhD graduates, we examine the correlates and consequences of qualification and skills mismatch. We show that job characteristics such as economic sector and main work activity play a fundamental and direct role in explaining the phenomenon of mismatch, experienced as overeducation and overskilling. Academic attributes operate only indirectly in explaining this mismatch, since their effect loses importance once we control for job-related characteristics. We detected a significant earnings penalty for those who are both overeducated and overskilled. Being mismatched reduces satisfaction with the job as a whole and with non-monetary aspects of the job, especially for those whose skills are underutilized. Overall, the problem of mismatch among PhD graduates is closely related to the demand-side constraints of the labor market. Increasing the number of adequate jobs and broadening the job skills that PhD students acquire during training should be explored as possible responses.

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Purpose – The purpose of this paper is to analyse differences in overall job satisfaction and specific job domain satisfaction among PhDs employed in different sectors four years after completing their doctorate degrees. The author take job satisfaction as a comprehensive proxy of perceived job quality. The author draw on data from two successive cohorts of PhD graduates from public universities of Catalonia (Spain). Design/methodology/approach – First, the author estimate covariate-adjusted job satisfaction differentials for PhD holders employed in different employment sectors, namely: university, research institutes, public sector (government and public administration) and private sector. A stepwise inclusion of job-related covariates enables appreciating the underlying mechanisms that that generate the observed job satisfaction differentials across sectors. Second, the author take into account the endogenous sorting of PhDs into different sectors by jointly modelling sector choice and job satisfaction, where the former is assumed to follow a mixed multinomial logit model. Findings – The results indicate that PhD holders employed outside academic and research jobs are more satisfied with the pecuniary facets of their work, but significantly less satisfied with non-monetary aspects of job quality. The selectivity-corrected job satisfaction differentials highlight the importance of self-selection and confirm that PhD holders suffer a penalisation for working in non-academic occupations, thus revealing the existence of “academic rents”. Originality/value – This is the first paper that presents a systematic and consistent analysis of job satisfaction differentials among PhD holders that work in different types of occupations, taking into account that sector choice is an endogenous variable, potentially related to unobserved traits that affect job satisfaction. The results are rich of policy implications, which are especially relevant in the light of the existing debate regarding the excess of PhD in the labour market of several European Countries and their subsequent risk of underemployment.

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This paper represents the first contribution that investigates the economic value of Catalan knowledge in terms of earnings, focusing on national and foreign first-and second-generation immigrants in Catalonia. Specifically, drawing on data from the "Survey on Living Conditions and Habits of the Catalan Population (2006)", we want to quantify the expected earnings differential between individuals who are proficient in Catalan and those who are not, taking into account the potential endogeneity between knowledge of Catalan and earnings. The results indicate the existence of a positive return to knowledge of Catalan, with a 7.5% increase in earnings estimated by OLS; however, when we account for the presence of endogeneity, monthly earnings are around 18% higher for individuals who are able to speak and write Catalan. However, we also find that language and education are complementary inputs for generating earnings in Catalonia, given that knowledge of Catalan increases monthly earnings only for more educated individuals.