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Economic Analysis: Theory and Practice
 

A statistical analysis of cross-cut effects of income dependence on the education level

Vol. 16, Iss. 3, MARCH 2017

PDF  Article PDF Version

Received: 29 November 2016

Received in revised form: 19 December 2016

Accepted: 18 January 2017

Available online: 29 March 2017

Subject Heading: ANALYSIS OF HUMAN CAPITAL

JEL Classification: I00, J24, J41

Pages: 472-487

https://doi.org/10.24891/ea.16.3.472

Antonenko V.V. Volgograd State University, Volgograd, Russian Federation
avv1@mail.ru

Karaulova N.M. Institute of Tourism and Hospitality, Branch of Russian State University of Tourism and Service, Moscow, Russian Federation
director@vfrgutis.ru

Importance The article presents certain results of research in investment efficiency in the Russian youth human capital.
Objectives The purpose of the study is to review real economic efficiency of investment in various elements of human capital in present-day Russia.
Methods Scientific information was obtained using the mass questionnaire survey of economically active population in the Volgograd oblast, statistical analysis of collected data. We processed the raw data with the help of specialized software, applying methods of descriptive statistics, cross-tables, graphical methods, classical correlation, regression and factor analysis, and methods of nonparametric statistics.
Results We obtained reliable and meaningful results. They characterize the expediency and economic efficiency of individual investment in education.
Conclusions and Relevance We provide a rationale for individual investment in higher education. The absence of the latter entails inability to generate income above the average. However, higher education does not by itself lead to above-average incomes, though it guarantees average income by the standards of the region. Although the expediency of the investment is justified, its cost-effectiveness is doubtful, as only one out of three investors gets real economic return on his or her investment in higher eduction. Therefore, from economic point of view, it is an investment with uncertain payback period and high risk of no return.

Keywords: human capital, education, efficiency, investment, statistical analysis

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