Family Background, Academic Ability, and College Decisions in the 20th Century U.S

Todd Schoellman, Christopher Herrington and Lutz Hendricks
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Lutz Hendricks: UNC Chapel Hill

No 465, 2015 Meeting Papers from Society for Economic Dynamics

Abstract: We harmonize the results of a number of historical studies to document changes in the patterns of who attends college over the course of the 20th century. We find that family income was twice as important in determining who went to college at the start of the century as compared to the end, while academic ability was half as important. The importance of income declined and of academic ability rose until roughly 1960, at which point the two are equally important. We construct and calibrate a model to understand what forces can explain the magnitude and timing of these changes, including changes in the skill premium, the financial environment, and the non-pecuniary benefits of college.

Date: 2015
New Economics Papers: this item is included in nep-edu and nep-his
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed015:465

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