"Hyperbolic discount functions are characterized by a relatively high discount rate over short horizons and a relatively low discount rate over long horizons" (Laibson 1997).We suggest two cognitive procedures where individuals perceive future utility as decreasing at a decreasing rate as a...

This paper uses detailed administrative data from one of the largest community colleges in the United States to quantify the extent to which academic performance depends on students being of similar race or ethnicity to their instructors. To address the concern of endogenous sorting, we use both...

The purpose of this paper is to examine the effects of school quality on performance in national exams and the career decision at age 16. We use micro data for the UK, which provides a rich set of variables on parental background, previous achievements, and community variables. We find that,...

We study the relationship between age and literacy skills in Canada, Norway and the U.S. – countries that represent a wide range of literacy outcomes -- using data from the 1994 and 2003 International Adult Literacy Surveys. In cross-sectional data there is a weak negative partial...

Literacy is central to the improvement and betterment of any society. Individuals cannot fully engage in social and political discourse, and are more likely to become less-than-equals in society without basic literacy to pursue their goals. On the individual level, more literate individuals tend...

L’alphabétisme est capital pour l’amélioration de toute société. Tout un chacun ne peut participer entièrement au discours social et politique, et aura sans doute une position inférieure en société, s’il ne possède pas l’alphabétisme de base lui permettant d’atteindre ses...

We combine two empirical observations in a general equilibrium occupational choice model. The first is that entrepreneurs have more control than employees over the employment of and accruals from assets, such as human capital. The second observation is that entrepreneurs enjoy higher returns to...

This paper analyzes the impact of a leading entrepreneurship education program on college students’ entrepreneurship competencies and intentions using an instrumental variables approach in a difference-in-differences framework. We exploit that the program was offered to students at one...

We estimate the impact of schooling on monthly earnings from 1950 to 2000 in Romania. Nearly constant at about 3-4 percent during the socialist period, the coefficient on schooling in a conventional earnings regression rises steadily during the 1990s, reaching 8.5 percent by 2000. Our analysis...

Education is argued to be an important driver of the decision to start a business. The measurement of its influence, however, is difficult since it is considered to be an endogenous variable. This study accounts for this endogeneity by using an instrumental variables approach