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One thing that these kind of studies usually haven't counted is comparison of graduate income with their parents' income, which usually are highly correlated. T
by mcmoor 2y ago
One thing that these kind of studies usually haven't counted is comparison of graduate income with their parents' income, which usually are highly correlated. This is why there are some claim that philosophy or art major have some of the highest incomes, people who take that major usually are high class already. If this study is somehow able to eliminate that bias, I bet even more majors will have negative ROI.
- firesteelrain 2y agoWhich means more people should go into vocational style degrees or engineering if they want to have a positive ROI
- t_mann 2y ago> One thing that these kind of studies usually haven't counted is comparison of graduate income with their parents' income This particular study actually does try to take that into account: > I estimate counterfactual earnings for each program’s typical students, based on their demographics, socioeconomic status, academic ability, family background, and geographic location. [https://freopp.org/does-college-pay-off-a-comprehensive-return-on-investment-analysis-563b9cb6ddc5 https://freopp.org/does-college-pay-off-a-comprehensive-retu...]
- mcmoor 2y agoAh, one really needs to read the referred article directly to know this. Nice to know that it's actually already accounted. Still, I don't actually get how he counts the socioeconomic factor and get the "without-degree income"?
- t_mann 2y agoI couldn't find an explanation either. They mention a paper somewhere, but all the links just point to that Medium article which doesn't explain the methodology in enough detail to replicate.