Abstract: In our study, we analyze how the smart and open education is developing and what economic effect is has for the employees. As the hard framework of educational environment erodes with the online information diffusion, the ability to learn quickly becomes an important competitive advantage on the labor market. To assess the return on investment in education, we undertaken survey with 504 participants from selected Russian companies and based our analysis on the modified Mincer equation. The results suggest although there was little difference in effect on earnings for purely classic or classic plus smart education levels (about 9.5%), employees who were engaged in open education benefited from notably greater salary increase as duration of their work experience extended. Certain methodological difficulties were due to comparably short terms of open education (hours) compared to classic 1 year which may call for further investigation and extension of the Mincer models.
Anna Aletdinova and Maxim Bakaev, 2016. The Economy of Smart and AI-Based Education. The Social Sciences, 11: 5151-5156.