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My research question is: does the degree of one’s education have a direct impact on life time gross wages? The basics of my model incorporate gross wages as the dependent variable measured by degree of formal/informal education as the independent variable. Important controls include: age, occupation, business or practice owner vs. employee, years of occupational experience, and geographic location. My thoughts are to focus on a specific age group, 35-55, which I believe could be viewed as “peak earning potential” preceding retirement in order to eliminate any errors associated with experience outweighing education or vice versa. I believe excluding recent college grads, young workers, 21-35, and experienced workers, pre retirees, 55-65 could help eliminate the chance of any outliers affecting the outcome of the experiment.
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