lovebird21cSheepskin Effect = hiệu ứng da cừu, kỳ vọng về lương không tăng dần đều, mà tăng đột biến vào ngày nhận bằng, sinh viên học nhiều môn khó hơn, ra tín hiệu với nhà tuyển dụng về năng lực của mình; ----- Spence discovered that even if education did not contribute anything to an employee's productivity, it could still have value to both the employer and employee. If the appropriate cost/benefit structure exists (or is created), "good" employees will buy more education in order to signal their higher productivity. The increase in wages associated with obtaining a higher credential is sometimes referred to as the Sheepskin Effect, since "sheepskin" informally denotes a diploma. It is important to note that this is not the same as the returns from an additional year of education. The "sheepskin" effect is actually the wage increase above what would normally be attributed to the extra year of education. This can be observed empirically in the wage differences between 'drop-outs' vs. 'completers' with an equal number of years of education. It is also important that one does not equate the fact that higher wages are paid to more educated individuals entirely to signalling or the 'sheepskin' effects. In reality education serves many different purposes to individuals and society as a whole. Only when all of these aspects, as well as all the many factors affecting wages, are controlled for, does the effect of the "sheepskin" approach its true value. Empirical studies of signalling indicate it as a statistically significant determinant of wages, however it is one of a host of other attributes — age, sex, and geography are examples of other important factors. One of the consequences of the existence of a pure signalling value to education is that public funding of education, especially higher education, is questioned. The debate is not so much about whether there should be any public funding at all; but what the correct level of funding should be. In purely economic terms, the optimal level of public funding would equal the total public benefits from the educated population — the private value of the signal would be excluded.
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Spence discovered that even if education did not contribute anything to an employee's productivity, it could still have value to both the employer and employee. If the appropriate cost/benefit structure exists (or is created), "good" employees will buy more education in order to signal their higher productivity.
The increase in wages associated with obtaining a higher credential is sometimes referred to as the Sheepskin Effect, since "sheepskin" informally denotes a diploma. It is important to note that this is not the same as the returns from an additional year of education. The "sheepskin" effect is actually the wage increase above what would normally be attributed to the extra year of education. This can be observed empirically in the wage differences between 'drop-outs' vs. 'completers' with an equal number of years of education. It is also important that one does not equate the fact that higher wages are paid to more educated individuals entirely to signalling or the 'sheepskin' effects. In reality education serves many different purposes to individuals and society as a whole. Only when all of these aspects, as well as all the many factors affecting wages, are controlled for, does the effect of the "sheepskin" approach its true value. Empirical studies of signalling indicate it as a statistically significant determinant of wages, however it is one of a host of other attributes — age, sex, and geography are examples of other important factors.
One of the consequences of the existence of a pure signalling value to education is that public funding of education, especially higher education, is questioned. The debate is not so much about whether there should be any public funding at all; but what the correct level of funding should be. In purely economic terms, the optimal level of public funding would equal the total public benefits from the educated population — the private value of the signal would be excluded.