Education and its Effects on the Income, Health and Survival of those aged Sixty-five and Over

| Publication date: 7 Nov 2011 | Theme: Trade, Investment & Productivity, Employment & Social policy | NIESR Author(s): Weale, M | JEL Classification: C33, C35, J17, J24 | NIESR Discussion Paper Number: 383

Note: This paper has been revised and is replaced by DP 393. We explore the effects of income and, additionally education on the income, self-reported health and survival of people aged sixty-five and over in order to identify benefits resulting from education which are omitted in the conventional analysis with its focus on labour income excluding employer contributions. We find that well educated people enjoy substantially higher incomes and longer healthy lives. However our estimates of the magnitudes of these are sharply reduced if we imposed on our model, estimated from British Household Panel Survey Data, the restrictions that the mortality rates it generates should be consistent with aggregate official data.

Keyword tags: 
returns to education
income
education and healthy life expectancy
mortality
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