This paper uses a dynamic optimization model to estimate the welfare gains of hedging against commodity price risk for commodity-exporting countries. We show that the introduction of hedging instruments such as futures and options enhances domestic welfare through two channels. First, by...

High-quality impact evaluations, including randomized experiments, are increasingly popular, but cannot always inform resource allocation decisions unless the costs of interventions are considered alongside their effects. Cost-effectiveness analysis is a straightforward but under-utilized tool...

In addition to the morbidity and mortality concerns of outdoor air pollution, studies have shown that air pollution also generates problems for children`s cognitive performance and human capital formation. High concentrations of pollutants can affect children’s learning process by exacerbating...

This paper presents evidence of the relationship between the disparity in the academic performance of boys and girls in Colombia and the country’s excessively high school dropout rates. By using the OLS and trimming for bounds techniques, and based on data derived from the PISA 2009 database,...

This paper uses a natural policy experiment to estimate how changes in the costs of engaging in criminal activity may influence adolescents' decisions in crime participation and school attendance. The study finds that, after an exogenous decrease in the severity of judicial punishment imposed on...

This paper provides some evidence that repeat taking of competitive exams may reduce the impact of background disadvantages on educational outcomes. Using administra- tive data on the university entrance exam in Turkey, the paper estimates cumulative learning between the first and the nth...

This study describes how minority enrollment probabilities respond to changes in admission policies from affirmative-action to merit-only programs and then to percentage plans when the demographic composition of the potential pool of applicants is also shifting. It takes advantage of admission...

The private provision of educational services has been representing an increasing fraction of the Peruvian schooling system, especially in recent decades. While there have been many claims about the differences in quality between private and public schools, there is no complete assessment of the...