Abstract:The need for classifying workers in the labour market exists in the case of information asymmetry between workers and employers. It is expected that certain mechanisms will be developed in order to overcome this information asymmetry. One of those mechanisms is signalling, whose basic idea is that highly productive workers take certain actions in order to separate themselves from the low productive workers. This paper reviews an economic role of education as a signal in the labour market. The goal of the paper is to show theoretically how education can play the role of signal in order to solve the problems caused by the asymmetric information. The importance of such analysis is reflected in the fact that the recommendations for educational policy makers in terms of investment in education are different depending on whether education serves as a mechanism for improving productivity or as a mechanism for signalling different productive capacity. It is shown that these differences arise from distinct ways of measuring social rates of return on investment in education.
The subject of the paper is estimation of a rate of return to investment in education of youth in Serbia. The aim of the paper is to determine, on the basis of the data from the School to Work Transition Survey (SWTS) from 2015, a premium for the education of persons from 15 to 29 years old. A rate of return to investment in education for youth is estimated using the least squares method and using the instrumental variables method. As the instruments for a variable that refers to the number of years of education were used a father's level of education and a mother's level of education.The results of the assessment using the least squares method indicate that a rate of return to investment in education for youth in Serbia is 5.2%. The value of the coefficient in the case of evaluation by the instrumental variables method is twice as big as in the case of the least squares method. It is confirmed that in the case of the assessment using the least squares method we get a biased assessment. This result also suggests that schooling of children in Serbia continues to serve as a family characteristic, and informs that the education system in Serbia cannot provide a fair access to schooling for those children coming from socioeconomic vulnerable families.
Cilj rada jeste da pruži uvid u ekonometrijsko modeliranje ocene stope povraćaja na ulaganje u obrazovanje u metodološkim okvirima teorije ljudskog kapitala. Posebno je istaknut problem endogenosti sa kojim se istraživači suočavaju, a koji se javlja usled izostavljanja neuočljivih karakteristika pojedinica, poput sposobnosti, što dovodi do precenjenosti ocene stope povraćaja na ulaganje u obrazovanje. U radu je pored eksperimentalnog metoda, opisan i metod instrumentalnih promenljivih, kao neeksperimentalni metod koji se može primeniti radi prevazilaženja problema endogenosti. Dodatno, u radu je predstavljen sumarni prikaz rezultata oko 700 studija sprovedenih u periodu od 1960. do 2010. godine, u kojima je ocenjena stopa povraćaja ulaganja u obrazovanje.
The subject of this paper is preschool education as a determinant of students? educational attainment in Serbia and factors that influence whether a Serbian child is included in preschool programmes. This paper aims 1) to assess how attendance of preschool programmes in Serbia affects a student?s educational attainment in terms of mathematical, reading, and scientific literacy; 2) to explore how preschool education differs for students who occupy different positions in the distribution of educational attainment; and 3) to examine the determinants of a child in Serbia receiving preschool education. The analysis is based on data from PISA2012 testing. In order to assess the significance and nature of the effect of preschool education on educational attainment in terms of mathematical, reading, and scientific literacy we use unconditional quantile regression. To analyse factors that affect whether a child is included in the preschool programme we apply probit regression. Unconditional quantile regression results suggest that the sign and intensity of the effect of preschool education for more than a year are positive and increasing. The results of the probit regression show that socio-economic family background and parental status in the labour market are the factors that determine whether the student will attend preschool education for more than a year. The results indicate that the educational system in Serbia reproduces poverty and social exclusion.
Rast neizvesnosti i kompleksnosti, sa sve većim brojem učesnika, oblikuju umnogome obrazovne sisteme gotovo svih zemalja. Ipak, obrazovanje je i dalje determisano, u najvećem broju slučajeva, kratkoročnim odlukama kreatora politika obrazovanja. Zanemarivanje dugog roka može biti problematično iz razloga nemogućnosti obrazovnih sistema da odgovore na brze i dramatične promene, koje će verovatno u budućnosti biti još izraženije. S tim u vezi, upotreba metode scenarija u oblasti obrazovanja može doprineti uvažavanju i prilagođavanju promenama koje se odvijaju. Predmet ovog rada su metod scenarija per se i njegova primena u oblasti obrazovanja. Takva analiza može biti od pomoći kreatorima obrazovnih politika imajući u vidu i neizvesnost i kompleksnost sistema u kojima obrazovanje funkcioniše, te kontinuiranu potrebu za sprovođenjem reformi obrazovnih sistema. Osnovni cilj rada jeste da ukaže na razvoj i značaj tog metoda kao sredstva planiranja i na mogućnosti njegove primene u oblasti obrazovanja.
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