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NUFE NUFE * * General Education, Vocational Education and Individual Income in Rural China HUANG Bin Center for Public Finance Research Faculty of Public Finance Taxation Nanjing University of Finance and Economics Russia, 16-22, 2013 * ? 2011 Bin HUANG Research Background A large number of international empirical studies have shown that education has great influence on individual income Average private rate of return (ROR) to education is over 10% in developing countries, and world average level is also close to 10% (Psacharopoulos, 1994; Patrinos Psacharopoulos, 2007 ) Contrast to international optimistic results, estimates of China’s ROR to general education are extraordinarily low in both urban and rural areas In rural China , most of previous estimates are below 5%, far lower than world average level. * ? 2011 Bin HUANG Two explanations Institutional explanation Institutional segmentation of labor market and other institutional shortcoming weaken the economic value of education in China However, with the improvement in labor market in recent years, the estimates of ROR to education in China still remain a low level. Technical explanation The ROR to education in China was systematically underestimated due to methodological problems. In many cases, estimates of OLS are biased. Endogeneity caused by omitting of ability variable and measurement error It was found in some recent studies that China’s ROR to education will rise to some degree after methodological rectifying, but most of these studies focused on urban ROR. There are few studies on ROR to education in rural areas. * ? 2011 Bin HUANG Research Questions What level is present RoR to general education in rural China? And compared to previous estimates, present ROR in rural China is rising or falling? What level is present RoR to vocational education in rural China? And the RoR to vocational education is higher or lower than that to general education? * ? 2011 Bin HUANG Data A rural household