Title Pending 24347

This is an accepted article with a DOI pre-assigned that is not yet published.This paper proposes a measure of educational mismatch relying on a novel definition of schooling that takes into account the different levels of skills acquired by individuals with the same education -effective schooling-. To do this, it is assumed that less (more) able individuals could compensate their skills deficit (surplus) with more (less) education, and PIAAC data is then used to analyse the substitution between skills and educational mismatches in terms of wages. The proposed measure is used to assess the level of effective educational mismatch in a set of countries. After accounting for workers´ real skills, it is found that overeducation figures tend to drop, with the difference between observed and effective educational mismatch varying by country