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Julia WeinstockEconomics of Education Study Guide-Intro StuffoEconomics of Education= how to allocate scarce resources in education system decision making; restraints because of scarcity oQuantitative Research Methods (McEwan)Descriptive= whatis happening?; establishes or refutes patterns in data; quantitative and qualitativeCausal= tests for cause and effect; quantitative (regression analysis); does it work?Assignment of treatment needs to be random no selection biasData does NOT have to be experimental to be causalIf factors (like ability) can NOT be controlled for, then NOT causalRandom= “gold standard” methodProcess= why policy intervention does/does not affect policy outcomes; qualitative observations; how does it work Internal validity= identifies causal link between program and outcomeExternal validity= generalized causal linkSelection bias= certain factors unaccounted for leading to skewed experimental group No experiment is perfect Experimental= randomTreatment group= people that were subjected to policyCounterfactual= go back in time and see outcome if not treatmentControl groupProblem= selection bias not randomQuasi-experimental= selection or randomNon- experimental= selectionWays to Determine Causal or NotPropensity Score Margin= assign probability score per student; probability that they receive treatmentRegression Discontinuity= some cutoff existsDifference in Differences= take same group and compare before and after results-Private Investment in Education- Human Capital TheoryoHuman Capital Theory: increased schooling increased productivityincreased wages (from general, secondary schooling)
Why do people get educated?What affects demand for an extra year of education?Who affects the cost of one more year (supply) of education?