Was It All Worth It? On the Value of Tertiary Education for Generation ’77 in Poland

This research paper aims at estimating the value of tertiary education in Poland for men and women over the life cycle using specific dataset of Labor Force Surveys for generation born in 1977. Regression-adjusted counterfactual wages are estimated using Heckman selection models as proxy of the alternative costs of studying and a special Discrete Choice Experiment is designed to evaluate the value of time devoted for studying as a proxy of effort required to complete the studies. Results suggest that the net present value of tertiary education is lower for men than women in the short horizon of professional career. The surprising effect is that the internal rate of return appears to be slightly higher for women.