Using 2007–2010 data from Thailand’s National Labor Force Survey, this paper
examines the rates of return to schooling. The Mincer-type rate of return to
investment in schooling was estimated. The rates of return to schooling for work
experience are significantly positive, but at a decreasing rate. Region of residence
and variation in gross provincial product per capita are significant factors in
determining the private rate of return. The rates of return to schooling by type of
industry reveal higher earnings in mining, utilities, construction, manufacturing,
and services than in agriculture. The private and social returns on vocational
secondary education attainment are greater than on general secondary education.
Finally, the private returns on university attainment for women exceed men by
about 1.5 percentage points.