We apply a recently proposed method to disentangle unobserved heterogeneity from risk in returns to education. We … college education cannot universally be considered an insurance against unpredictability of wages. One conclusion is …

considerable difficulties in the Dutch labour market. The most remarkable conclusion is the irrelevance of education for socio …

skewed. Our best guess of ex ante risk in university education is a coefficient ofvariation of about 0.3, comparable to that …