The purpose of this study is to analyze the rate of return to vocational high school education. An extensive analysis on the literature related to of the rate return was made to develop a theoretical framework for this study. In order to analyze the rate of return to the vocational high school education, questionnaire survey was conducted to 1,200 students. The rate of return to vocational high school education was analyzed by structural equation modeling. Major findings of this study are as followings: Agricultural high school education for male shows the highest rate of return(11.0%), followed by commercial high school education for male(7.60%), commercial high school education for female(&>$)%), technical high school education for male(6.40%). In interpretation the results of this study on the returns to the vocational high school education, the following considerations are made. There are economic one and non-economic one i educational benefit. And it is traditional belief that non-economical benefit is higher portion than economical one. But it is very difficult to measure the non-economic benefit. It is very common that only economic benefit of education, especially income, is included in the study on the rate of return to education. In this respect, this not exceptional. Therefor, the real rate of return to the vocational high school education may be higher than the rate of return to the vocational high school education estimated in this study.
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