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Settling the Counterfactual Debate: Is There a Preferable Counterfactual when Estimating the Returns to Vocational Qualifications? – April 2018

Using information from the Longitudinal Education Outcomes (LEO) data set, it is now possible to compare the characteristics and estimates for learners with different qualifications encompassing both types of counterfactuals used in the extant literature: learners in possession of qualifications at the ‘level-below’ and learners enrolling in similar vocational qualifications but failing to achieve (‘non-achievers’). […]

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