Εκτίμηση και αξιολόγηση της αποδοτικότητας των επενδύσεων στην μετα-δευτεροβάθμια επαγγελματική εκπαίδευση και κατάρτιση στην Ελλάδα

Abstract

One of the problems investigated in economics of education is the rate of return of investments at the various levels of education. In this thesis, the private and the social rates of return on investment in the Postsecondary Vocational Education and Training in Greece are estimated. The income data were collected by using stratified sampling conducted in 2009 throughout the country. The sample includes 1,862 observations. The cost data were obtained from the O.E.E.K. and E.Y.D.-E.P.E.A.E.K. The novelty and the contribution of this study in applied economics focuses on the fact that the Postsecondary Vocational Education and Training in Greece is evaluated for the first time and the rates of return (private and social) are estimated by using primary data. The methods used for estimation of the private and the social rates of return are the Short-Cut Method and the Elaborate Method (criteria of Net Present Value and Internal Rate of Return). The Mincer method was employed for the estimation of the private rate of return by using the basic and the extended function. In the private rate of return calculations both the actual and the potential years of work experience were taken into account. The empirical analysis showed that the private and the social rates of return on investment in post-secondary education and training are satisfactory. More specifically, by implementing the elaborate method and particularly by using the criterion of the internal rate of return, the private rate of return was estimated at 4.76%. Moreover, by implementing the basic and the extended Mincer functions and especially using the net income of I.E.K. and Lyceum (high school) graduates and using also the actual experience, the private rate of return was estimated at 4.81%. The social rate of return was estimated at 4.16% by using the elaborate method. It should be noted that the alternative rate was estimated at 3.09%. Furthermore, the rate of return of the private investment in post-secondary education is higher than the rate of return of the social investment. The private and the social rates of return for men are higher than the corresponding rates of return for women. The implementation of Mincer function showed that the private rate of return, estimated by using the actual experience, is less than that, when taking into account the potential experience. Also, the male private rate of return, by taking into account both the actual and the potential experience, is greater than the female private rate of return. It should be noted that both the private and the social rates of return are underestimated, because non-market benefits have not been included in the calculations. Also, the private rate of return is overestimated when the potential experience is taken into account.