In this paper we hypothesize that education is associated with a higher efficiency of health investment, yet that this efficiency advantage is solely driven by intelligence. We operationalize efficiency of health investment as the probability of dying conditional on a certain hospital diagnosis,...

We aim to disentangle the relative contributions of (i) cognitive ability, and (ii) education on health and mortality using a structural equation model suggested by Conti et al. (2010). We extend their model by allowing for a duration dependent variable, and an ordinal educational variable. Data...

The aim of this paper is to explore the relationship between wages, human capital and investment in financial assets with risky returns at the individual level. To explore this relationship from an international perspective, we analyse individual level data from the British Household Panel...

Human capital plays an important role in the theory of economic growth, but it has been difficult to measure this abstract concept. We survey the psychological literature on cross-cultural IQ tests, and conclude that modern intelligence tests are well-suited for measuring an important form of a...

This chapter analyzes the effects of an aging population on individual skill choices and the production structure by means of a dynamic general equilibrium model with overlapping generations and probabilistic aging. The model allows for capital-skill complementarity, which strongly affects the...

We explore the relationship between educational attainment and social interaction using individual level data from the British National Child Development Study. To be specific, we analyze whether an intergenerational aspect to this relationship exists by examining the relationship between the...

In an environment where children's time has an economic value and employment opportunities for educated workers are scarce, parental investments in their children's education may not be driven entirely by poverty and credit constraints. We offer evidence that children's participation in child...