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Gender differences in risk aversion and ambiguity aversion

Borghans, Lex; Golsteyn, Bart H.H.; Heckman, James J.; … - 2009

This paper demonstrates gender differences in risk aversion and ambiguity aversion. It also contributes to a growing … of cognition. Women are more risk averse than men. Over an initial range, women require no further compensation for the … as men. Psychological variables account for some of the interpersonal variation in risk aversion. They explain none of …

Persistent link: https://www.econbiz.de/10003808595

The economics and psychology of inequality and human development

Cunha, Flávio; Heckman, James J. - 2009

Recent research on the economics of human development deepens understanding of the origins of inequality and excellence. It draws on and contributes to personality psychology and the psychology of human development. Inequalities in family environments and investments in children are substantial....

Persistent link: https://www.econbiz.de/10003809175

Testing the correlated random coefficient model

Heckman, James J.; Schmierer, Daniel; Urzua, Sergio - 2009

The recent literature on instrumental variables (IV) features models in which agents sort into treatment status on the basis of gains from treatment as well as on baseline-pretreatment levels. Components of the gains known to the agents and acted on by them may not be known by the observing...

Persistent link: https://www.econbiz.de/10003907131

A new framework for the analysis of inequality

Cunha, Flávio (contributor); Heckman, James J. (contributor) - 2007

"This paper presents a new framework for analyzing inequality that moves beyond the anonymity postulate. We estimate the determinants of sectoral choice and the joint distributions of outcomes across sectors. We determine which components of realized earnings variability are due to uncertainty...

Persistent link: https://www.econbiz.de/10003433324

Understanding instrumental variables in models with essential heterogeneity

Heckman, James J. (contributor); Urzua, Sergio (contributor) - 2006

"This paper examines the properties of instrumental variables (IV) applied to models with essential heterogeneity, that is, models where responses to interventions are heterogeneous and agents adopt treatments (participate in programs) with at least partial knowledge of their idiosyncratic...

Persistent link: https://www.econbiz.de/10003375232

Estimating the technology of cognitive and noncognitive skill formation

Cunha, Flávio; Heckman, James J.; Schennach, Susanne M. - 2010

This paper formulates and estimates multistage production functions for children's cognitive and noncognitive skills. Skills are determined by parental environments and investments at different stages of childhood. We estimate the elasticity of substitution between investments in one period and...

Persistent link: https://www.econbiz.de/10003934523

The identification and economic content of ordered choice models with stochastic thresholds

Cunha, Flávio (contributor); Heckman, James J. (contributor) - 2007

This paper extends the widely used ordered choice model by introducing stochastic thresholds and interval-specific outcomes. The model can be interpreted as a generalization of the GAFT (MPH) framework for discrete duration data that jointly models durations and outcomes associated with...

Persistent link: https://www.econbiz.de/10003608454

The economics, technology and neuroscience of human capability formation

Heckman, James J. (contributor) - 2007

This paper begins the synthesis of two currently unrelated literatures: the human capital approach to health economics and the economics of cognitive and noncognitive skill formation. A lifecycle investment framework is the foundation for understanding the origins of human inequality and for...

Persistent link: https://www.econbiz.de/10003609787

The technology of skill formation

Cunha, Flávio (contributor); Heckman, James J. (contributor) - 2007

This paper develops a model of skill formation that explains a variety of findings established in the child development and child intervention literatures. At its core is a technology that is stage-specific and that features self productivity, dynamic complementarity and skill multipliers....

Persistent link: https://www.econbiz.de/10003525992

Tests of hypotheses arising in the correlated random coefficient model

Heckman, James J.; Schmierer, Daniel - 2010

This paper examines the correlated random coefficient model. It extends the analysis of Swamy (1971, 1974), who pioneered the uncorrelated random coefficient model in economics. We develop the properties of the correlated random coefficient model and derive a new representation of the variance...

Persistent link: https://www.econbiz.de/10009011595