Abstract
The rationale for programs to reduce the high school dropout rate rests mainly on evidence that high school graduates are more successful than dropouts in the labor market. However, both high school completion and labor market success are to some extent results of prior characteristics. This paper estimates the effect of a high school diploma itself on success in the labor market, over and above the effects of prior characteristics, of which some are measured and some are not. Results indicate that differences in unemployment and wages between teenagers with and without high school diplomas are mainly not attributable to differences in measured prior characteristics.
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