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The over-education wage penalty among PhD holders: a European perspective

par Cultrera, Loredana;Rycx, François ;Santosuosso, Giulia;Vermeylen, Guillaume
Référence Education economics
Publication A Paraître, 2025-12-01

Article révisé par les pairs

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Résumé :

Using a unique pan-European dataset, we rely on two alternative measures of over-education and control stepwise for four groups of covariates in order to interpret the over-education wage penalty in light of theoretical models. Firstly, it appears that a significant fraction (i.e. between 1/5 and 1/3) of PhD holders in Europe are genuinely over-educated. Secondly, these genuinely over-educated PhD holders are found to face a substantial wage penalty (ranging from 15 to almost 30%) with respect to their well-matched counterparts. Finally, unconditional quantile regressions highlight that the over-education wage penalty among PhD holders increases greatly along the wage distribution.