Among college graduates, teachers have both low average AFQT and high average risk aversion, perhaps because the compression of earnings within teaching attracts relatively risk-averse individuals. Using a dynamic optimization model with unobserved heterogeneity, we show that were it possible to...

Weak labor markets typically lead young workers to invest in skills. High unemployment during COVID diverged from prior downturns: enrollment at community colleges dropped by 9.5 percent between 2019 and 2020, with the drop larger among men. COVID disruptions generated supply-side impacts on...

This article reviews the recent literature on the determinants of college major choices. We first highlight long-term trends and persistent differences in college major choices by gender, race, and family background. We then review the existing research in six key areas: expected earnings and...

The choice of a college major plays a critical role in determining the future earnings of college graduates. Students make their college major decisions in part due to the future earnings streams associated with the different majors. We survey students about what their expected earnings would be...

Mapping continuous raw scores from millions of Advanced Placement examinations onto the 1 to 5 integer scoring scale, we apply a regression discontinuity design to understand how students' choice of college major is impacted by receiving a higher integer score despite similar exam performance to...

Many observers argue that diversity in Economics and STEM fields is critical, not simply because of egalitarian goals, but because who is in a field may shape what is studied by it. If increasing the rate of majoring in mathematically-intensive fields among women is a worthy goal, then...

Why is unemployment higher for younger individuals? We address this question in a frictional model of the labor market that features learning about occupational fit. In order to learn the occupation in which they are most productive, workers sample occupations over their careers. Because young...

The standard economic model of occupational choice following a basic Roy model emphasizes individual selection and comparative advantage, but the sources of comparative advantage are not well understood. We employ a unique combination of Dutch survey and registry data that links math and...

Much of education policy focuses on improving teacher quality, but most policies lack strong research support. We use student achievement gains to estimate teacher value-added, our measure of teacher quality. The analysis reveals substantial variation in the quality of instruction, most of which...

We evaluate the aggregate, distributional and welfare consequences of alternative government education policies to encourage college completion, such as making college free and improving funding for public schooling. To do so, we construct a general equilibrium overlapping generations model with...