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General Equilibrium Treatment Effects : A Study of Tuition Policy
Heckman, James J.; Lochner, Lance; Taber, Christopher - 2021
This paper defines and estimates general equilibrium treatment effects. The conventional approach in the literature on treatment effects ignores interactions among individuals induced by the policy interventions being studied. Focusing on the impact of tuition policy, and using estimates from...
Persistent link: https://www.econbiz.de/10013218411
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Explaining Rising Wage Inequality : Explorations with a Dynamic General Equilibrium Model of Labor Earnings with Heterogeneous Agents
Heckman, James J.; Lochner, Lance; Taber, Christopher - 2021
in the model is that accounting for the distinction between skill prices and measured wages is important for analyzing …
Persistent link: https://www.econbiz.de/10013223876
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General Equilibrium Cost Benefit Analysis of Education and Tax Policies
Heckman, James J.; Lochner, Lance; Taber, Christopher - 2021
reveal that move to a flat consumption tax raises capital accumulation and the real wages of all skill groups and barely …
Persistent link: https://www.econbiz.de/10013232148
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Mandatory Versus Voluntary Disclosure of Product Risks
Polinsky, A. Mitchell - 2007
We analyze a model in which firms are able to acquire information about product risks and may or may not be required to disclose this information. We initially study the effect of disclosure rules assuming that firms are not liable for the harm caused by their products. Although mandatory...
Persistent link: https://www.econbiz.de/10012778097
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Minimum Asset Requirements
Shavell, Steven - 2021
Requirements that parties have assets of at least a minimum level in order to participate in an activity are frequently imposed. A principal rationale for minimum asset requirements is considered in this article potential injurers have stronger incentives to prevent harm, or not to engage in...
Persistent link: https://www.econbiz.de/10013220778
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Evaluating the Welfare State
Heckman, James J.; Smith, Jeffrey A. - 2021
A variety of criteria are relevant for evaluating alternative policies in democratic societies composed of persons with diverse values and perspectives. In this paper, we consider alternative criteria for evaluating the welfare state, and the data required to operationalize them. We examine sets...
Persistent link: https://www.econbiz.de/10013227501
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The Technology of Skill Formation
Cunha, Flavio - 2010
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/10012760446
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Cognitive Ability, Wages, and Meritocracy
Cawley, John; Conneely, Karen; Heckman, James J.; … - 2021
that the labor market is organized on meritocratic principles. Additional factors beyond g are required to explain wages … and occupational choice. However, both blue collar and white collar wages are poorly predicted by g or even multiple … measures of ability. Observed cognitive ability is only a minor predictor of social performance. White collar wages are more g …
Persistent link: https://www.econbiz.de/10013224869
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Fifty Years of Mincer Earnings Regressions
Heckman, James J.; Lochner, Lance; Todd, Petra - 2021
The Mincer earnings function is the cornerstone of a large literature in empirical economics. This paper discusses the theoretical foundations of the Mincer model and examines the empirical support for it using data from Decennial Censuses and Current Population Surveys. While data from 1940 and...
Persistent link: https://www.econbiz.de/10013248669
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Investing in Our Young People
Cunha, Flavio - 2010
This paper reviews the recent literature on the production of skills of young persons. The literature features the multiplicity of skills that explain success in a variety of life outcomes. Noncognitive skills play a fundamental role in successful lives. The dynamics of skill formation reveal...
Persistent link: https://www.econbiz.de/10013140990