Does an empirical Heckman curve exist?

Abstract

The Heckman Curve suggests that the rate of return to public investments in human capital declines across the life course. This paper assesses the empirical evidence for the Heckman Curve, using estimates of program benefit cost ratios from the Washington State Institute for Public Policy. We find no support for the claim of an inverse relationship between rates of return and the age of the person who receives the intervention. The paper concludes by discussing the various features of human capital and interventions that might explain why the predictions of the Heckman Curve are not consistent with the empirical evidence.