This paper shows that the framework proposed by Barberis and Huang (2009) to incorporate narrow framing and loss aversion into dynamic models of portfolio choice and asset pricing can be extended to also account for probability weighting and for a value function that is convex on losses and...

Unemployment Insurance (UI) benefits have a moral hazard effect and a liquidity effect, with both generating increases in unemployment spells but the latter increasing wages due to the ability to find better matches or better jobs. Previous papers, however, find mixed evidence on the impact of...

Are teachersʼ impacts on studentsʼ test scores ("value-added") a good measure of their quality? One reason this question has sparked debate is disagreement about whether value-added (VA) measures provide unbiased estimates of teachersʼ causal impacts on student achievement. We test for bias...

We construct a unique individual-level longitudinal dataset linking preschool blood lead levels with third grade test scores for eight birth cohorts of Rhode Island children born between 1997 and 2005. Using these data, we show that reductions of lead from even historically low levels have...

We estimate the impact of charter schools on early-life labor market outcomes using administrative data from Texas. We find that, at the mean, charter schools have no impact on test scores and a negative impact on earnings. No Excuses charter schools increase test scores and four-year college...

We examine the generalizability of internally valid estimates of causal effects in a fixed population over time when that population is subject to aggregate shocks. This temporal external validity is shown to depend upon the distribution of the aggregate shocks and the interaction between these...

This paper extends the traditional test-score value-added model of teacher quality to allow for the possibility that teachers affect a variety of student outcomes through their effects on both students' cognitive and noncognitive skill. Results show that teachers have effects on skills not...