The return to medical school in a regulated labor market: Evidence from admission lotteries

Time: 2011, Tuesday April 10th, 13.00-14.00 hours
Location: CPB-office, Van Stolkweg 14, The Hague

Presentation: Hessel Oosterbeek (UvA), coauthors: Nadine Ketel, Edwin Leuven and Bas van der Klaauw

Discussant: Rudy Douven (CPB)

Language: English

Registration:  Please register by sending an email to seminars@cpb.nl.

Abstract subject: Many countries regulate the supply of physicians by centrally fixing the number of places in medical schools. We estimate the return to gaining access to medical school in such a setting, by exploiting that admittance to medical school in the Netherlands is determined by a (weighted) lottery. The earnings gain of being a physician compared to people's second choice is at least 25 percent. Estimated wage profiles suggest that the returns are even higher in the long run: twenty years after participating in the first lottery the earnings difference has increased up to almost 80 percent. The size of this rent does not vary with ability or gender.

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