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Estimation of Dynamic Discrete Choice Models by Maximum Likelihood and the Simulated Method of Moments

Eisenhauer, Phillipp - 2014

We compare the performance of maximum likelihood (ML) and simulated method of moments (SMM) estimation for dynamic discrete choice models. We construct and estimate a simplified dynamic structural model of education that captures some basic features of educational choices in the United States in...

Persistent link: https://www.econbiz.de/10013044978

Separating Uncertainty from Heterogeneity in Life Cycle Earnings

Cunha, Flavio; Heckman, James J.; Navarro-Lozano, Salvador - 2021

forecastable at the time students decide to go to college (heterogeneity) and components that are unforecastable. About 60% of …

Persistent link: https://www.econbiz.de/10013216132

Estimating Distributions of Treatment Effects with an Application to the Returns to Schooling and Measurement of the Effects of Uncertainty on College

Carneiro, Pedro Manuel; Hansen, Karsten T.; Heckman, … - 2021

This paper uses factor models to identify and estimate distributions of counterfactuals. We extend LISREL frameworks to a dynamic treatment effect setting, extending matching to account for unobserved conditioning variables. Using these models, we can identify all pairwise and joint treatment...

Persistent link: https://www.econbiz.de/10013217582

Selection Bias, Comparative Advantage and Heterogeneous Returns to Education

Heckman, James J.; Li, Xuesong - 2021

This paper uses newly available Chinese micro data to estimate the return to college education for late 20th century China when allowing for heterogeneous returns among individuals selecting into schooling based on these differences. We use recently developed semiparametric methods to identify...

Persistent link: https://www.econbiz.de/10013221843

Understanding the Role of Cognitive Ability in Accounting for the Recent Rise in the Economic Return to Education

Cawley, John; Heckman, James J.; Vytlacil, Edward - 2021

This paper examines the contribution of the rise in the return to ability to the rise in the economic return to education. All of the evidence on this question comes from panel data sets in which a small collection of adjacent birth cohorts is followed over time. The structure of the data...

Persistent link: https://www.econbiz.de/10013223323

Does Measured School Quality Really Matter? An Examination of the Earnings-Quality Relationship

Heckman, James J.; Layne-Farrar, Anne; Todd, Petra - 2021

This paper examines the economic and empirical foundations of the aggregate evidence on the effect of schooling quality on earnings. A common framework is presented which nests all previous studies as special cases. We discuss two crucial identifying assumptions and test them. The first...

Persistent link: https://www.econbiz.de/10013225822

Simple Estimators for Treatment Parameters in a Latent Variable Framework with an Application to Estimating the Returns to Schooling

Heckman, James J.; Tobias, Justin L.; Vytlacil, Edward - 2021

This paper derives simply computed closed-form expressions for the Average Treatment Effect (ATE), the effect of Treatment on the Treated (TT), Local Average Treatment Effect (LATE) and Marginal Treatment Effect (MTE) in a latent variable framework for both normal and non-normal models. The...

Persistent link: https://www.econbiz.de/10013237927

Fifty Years of Mincer Earnings Regressions

Heckman, James J.; Lochner, Lance; Todd, Petra - 2021

The Mincer earnings function is the cornerstone of a large literature in empirical economics. This paper discusses the theoretical foundations of the Mincer model and examines the empirical support for it using data from Decennial Censuses and Current Population Surveys. While data from 1940 and...

Persistent link: https://www.econbiz.de/10013248669

Labor Market Discrimination and Racial Differences in Premarket Factors

Carneiro, Pedro Manuel; Heckman, James J.; Masterov, … - 2021

. Their study has been faulted because minority children and their parents may have pessimistic expectations about receiving … outcomes, minority parents and children have more pessimistic expectations about child schooling relative to white children and … their parents when their children are young. At later ages, expectations are more uniform across racial and ethnic groups …

Persistent link: https://www.econbiz.de/10013252350

The Evidence on Credit Constraints in Post-Secondary Schooling

Carneiro, Pedro Manuel; Heckman, James J. - 2021

This paper examines the family income -- college enrollment relationship and the evidence on credit constraints in post … ability. Long-run factors crystallized in ability are the major determinants of the family income -- schooling relationship …

Persistent link: https://www.econbiz.de/10013210571