This paper applies a unified methodology to multiple data sets to estimate both the levels and trends in U.S. high school graduation rates. We establish that (a) the true high school graduation rate is substantially lower than widely used measures; (b) the U.S. graduation rate peaked in the...

The internal rate of return to schooling is a fundamental economic parameter that is often used to assess whether expenditure on education should be increased or decreased. This paper considers alternative approaches to estimating marginal internal rates of return for different schooling levels....

This paper discusses (a) the role of cognitive and noncognitive ability in shaping adult outcomes, (b) the early emergence of differentials in abilities between children of advantaged families and children of disadvantaged families, (c) the role of families in creating these abilities, (d)...

We incorporate previously omitted controls of external conditions in transportation and commodity markets into Porter's (1983) analysis of industry demand, conduct and stability of the JEC railroad cartel. We estimate the equilibrium price path, non-parametrically, and find that the reaction of...

This paper estimates the rate of return to the High/Scope Perry Preschool Program, an early intervention program targeted toward disadvantaged African-American youth. Estimates of the rate of return to the Perry program are widely cited to support the claim of substantial economic benefits from...