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Author: Webber, Douglas A.
Resulting in 4 citations.
1. Maclean, Johanna Catherine
Webber, Douglas A.
Government Regulation and Wages: Evidence from Continuing Coverage Mandates
Labour Economics published online (31 July 2022): 102236.
Also: https://www.sciencedirect.com/science/article/pii/S0927537122001269
Cohort(s): NLSY79
Publisher: Elsevier
Keyword(s): Geocoded Data; Government Regulation; Insurance, Health; Mobility, Job; State-Level Data/Policy; Wage Effects; Wages

We examine the wage effects of health insurance market regulations that compel private insurers to offer continuing coverage to beneficiaries in the United States. We model wages at various points across the career as a function of the mandated number of months of continuing coverage at labor market entrance. More generous mandated continuing coverage at labor market entrance causes an initial wage decline of 1% that reverses after five years in the labor market, leading to higher wages later in the career. In particular, wage increases are observable up to 30 years after labor market entrance. We provide suggestive evidence that increased job mobility early in the career is a mechanism for observed wage effects.
Bibliography Citation
Maclean, Johanna Catherine and Douglas A. Webber. "Government Regulation and Wages: Evidence from Continuing Coverage Mandates." Labour Economics published online (31 July 2022): 102236.
2. Webber, Douglas A.
Are College Costs Worth it? How Ability, Major, and Debt Affect the Returns to Schooling
Economics of Education Review 53 (August 2016): 296-310.
Also: http://www.sciencedirect.com/science/article/pii/S0272775715300224
Cohort(s): NLSY79, NLSY97
Publisher: Elsevier
Keyword(s): American Community Survey; College Cost; College Degree; Cost-Benefit Studies; Current Population Survey (CPS) / CPS-Fertility Supplement; Debt/Borrowing; Earnings; Educational Returns; Student Loans

This paper examines the financial value over the course of a lifetime of pursuing a college degree under a variety of different settings (e.g. major, student loan debt, individual ability). I account for ability/selection bias and the probability that entering freshmen will not eventually graduate.

I find the financial proposition of attending college is a sound investment for most individuals and cost scenarios, although some scenarios do not pay off until late in life, or ever. I estimate the present discounted value of attending college for the median student to vary between $85,000 and $300,000 depending on the student's major. Most importantly, the results of this paper emphasize the role that risk (e.g. the nontrivial chance that a student will not eventually graduate) plays in the cost-benefit analysis of obtaining a college degree.

Bibliography Citation
Webber, Douglas A. "Are College Costs Worth it? How Ability, Major, and Debt Affect the Returns to Schooling." Economics of Education Review 53 (August 2016): 296-310.
3. Webber, Douglas A.
The Lifetime Earnings Premia of Different Majors: Correcting for Selection Based on Cognitive, Noncognitive, and Unobserved Factors
Labour Economics 28 (June 2014): 14-23.
Also: http://www.sciencedirect.com/science/article/pii/S0927537114000281
Cohort(s): NLSY79
Publisher: Elsevier
Keyword(s): American Community Survey; Cognitive Ability; College Major/Field of Study/Courses; Educational Returns; Noncognitive Skills

This paper constructs a simulation approach to estimate the lifetime returns to various college majors. I use data from the 1979 cohort of the National Longitudinal Survey of Youth and American Community Survey to estimate the parameters which form the backbone of the simulation. I address selection into both higher education and specific major categories using measures of cognitive and noncognitive ability. Additionally, I present the lifetime premia under various assumptions regarding the magnitude of unobservable sorting.

I find substantial heterogeneity in the returns to each educational outcome, ranging from $700,000 for Arts/Humanities majors to $1.5 million for Science Technology Engineering or Math (STEM) graduates (each premium is relative to high school graduates with no college experience). The differentials are larger when search behavior (allowing for differential unemployment probabilities across majors) is taken into account. Finally, I estimate the major premia separately across three birth cohorts to account for the changing nature of selection into both college and majors over time.

Bibliography Citation
Webber, Douglas A. "The Lifetime Earnings Premia of Different Majors: Correcting for Selection Based on Cognitive, Noncognitive, and Unobserved Factors." Labour Economics 28 (June 2014): 14-23.
4. Webber, Douglas A.
The Lifetime Earnings Premia of Different Majors: Correction for Selection Based on Cognitive, Noncognitive, and Unobserved Factors
Working Paper 152, Cornell Higher Education Research Institute, May 2013
Cohort(s): NLSY79
Publisher: Cornell Higher Education Research Institute (CHERI)
Keyword(s): American Community Survey; College Major/Field of Study/Courses; Educational Outcomes; Educational Returns

Permission to reprint the abstract has not been received from the publisher.

This paper constructs a simulation approach to estimate the lifetime returns to various college majors. I use data from the 1979 cohort of the National Longitudinal Survey of Youth and American Community Survey to estimate the parameters which form the backbone of the simulation. I address selection into both higher education and specific major categories using measures of both cognitive and noncognitive ability. Additionally, I present the lifetime premia under various assumptions regarding the magnitude of unobservable sorting. I find substantial heterogeneity in the returns to each educational outcome, ranging from $700,000 for Arts/Humanities majors to $1.5 million for Science Technology Engineering or Math (STEM) graduates (each premium is relative to high school graduates with no college experience). The differentials are larger when search behavior (allowing for differential unemployment spells across majors) is taken into account.
Bibliography Citation
Webber, Douglas A. "The Lifetime Earnings Premia of Different Majors: Correction for Selection Based on Cognitive, Noncognitive, and Unobserved Factors." Working Paper 152, Cornell Higher Education Research Institute, May 2013.