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This study examines the wage level from a viewpoint of major-job match as part of an analysis on the skill mismatch problem in 4-year college graduates. The empirical analysis explicitly incorporate the sample selection bias as an econometric problem not only suggested but merely introduced in the e...

This study examines the wage level from a viewpoint of major-job match as part of an analysis on the skill mismatch problem in 4-year college graduates. The empirical analysis explicitly incorporate the sample selection bias as an econometric problem not only suggested but merely introduced in the earlier studies. This study also set up a major-job match variable, which was usually handled as a binary variable for analytical convenience, as a polychotomous choice variable in selection equation as provided by the survey. In particular, it considered multi-cohort survey on graduates of the years 1982, 1992, and 2002 for the empirical analysis. As a result of empirical analysis, the wage premium of a major-job match was identified. This result was consistent after the consideration of a sample selection bias and also after modeling the major-job match variable as polychotomously selective. Through an analysis classified by the major, this study identified a relatively high wage premium among Social Science, Engineering, and Science majors. However, there was a difference in the effect of selection among these majors. Also, by assessing cohort effects this study found that the skill mismatch had rapidly progressed in 1992, while difference between 1992 and 2002 cohorts are insignificant. The analysis suggests that wage level is better understood within the context of both sample selection and major-job match, and regardless of model specification the major-job match affects wage strongly.

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