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Research ArticleArticles

Labor Market Experience and Returns to College Education in Fast Growing Economies

Hongbin Li, James Liang and Binzhen Wu
Published online before print June 10, 2022, 0421-11629R2; DOI: https://doi.org/10.3368/jhr.0421-11629R2
Hongbin Li
Hongbin Li is a senior fellow of Stanford Institute for Economic Policy Research (SIEPR), Stanford University, USA.
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James Liang
James Liang is a professor in Guanghua School of Management, Peking University, China.
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Binzhen Wu
Binzhen Wu is the contact author of this paper (email: ), and an associate professor of the School of Economics and Management, Tsinghua University, China.
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  • For correspondence: [email protected]
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Abstract

China’s college admission increased by five times between 1998 and 2009. While the college premium for young workers declined, that for senior workers increased in this period. In our general equilibrium model, a rising demand for skills (education and experience) explains both trends. A demand shock leads to an expansion in the elastic college enrollment, depressing the college premium for young workers. With an inelastic supply, experienced college graduates continue to enjoy a rising premium. Despite the low immediate premium, young individuals continue to flood into colleges because they foresee high lifetime returns. Simulations match empirical results well.

JEL Classification:
  • J24
  • J23
  • J31
  • I2
Keywords:
  • Return to Labor Market Experience
  • Return to Higher Education
  • Lifetime Return to College Education
  • College Enrollment
  • China

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Journal of Human Resources: 60 (3)
Journal of Human Resources
Vol. 60, Issue 3
1 May 2025
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Labor Market Experience and Returns to College Education in Fast Growing Economies
Hongbin Li, James Liang, Binzhen Wu
Journal of Human Resources Jun 2022, 0421-11629R2; DOI: 10.3368/jhr.0421-11629R2

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Labor Market Experience and Returns to College Education in Fast Growing Economies
Hongbin Li, James Liang, Binzhen Wu
Journal of Human Resources Jun 2022, 0421-11629R2; DOI: 10.3368/jhr.0421-11629R2
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Keywords

  • J24
  • J23
  • J31
  • I2
  • Return to Labor Market Experience
  • Return to Higher Education
  • Lifetime Return to College Education
  • college enrollment
  • China
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