Information asymmetries are prominent in theory but difficult to estimate. This paper exploits discontinuities in loan eligibility to test for moral hazard and adverse selection in the payday loan market. Regression discontinuity and regression kink approaches suggest that payday borrowers are...

In this paper, we collect data on the inner-workings of 39 charter schools and correlate these data with school effectiveness. We find that traditionally collected input measures—class size, per-pupil expenditure, teacher certification, and teacher training—are not correlated with school...

This paper uses data from three prominent exam high schools in New York City to estimate the impact of attending a school with high-achieving peers on college enrollment and graduation. Our identification strategy exploits sharp discontinuities in the admissions process. Applicants just eligible...

Harlem Children's Zone (HCZ), an ambitious social experiment, combines community programs with charter schools. We provide the first empirical test of the causal impact of HCZ charters on educational outcomes. Both lottery and instrumental variable identification strategies suggest that the...