In this paper we focus on education as a private decision to invest in ‘human capital’ and the estimation of the rate of return to that private investment. While the literature is replete with studies that estimate the rate of return using regression methods where the estimated return is...

This paper estimates the long- and short-run elasticities for Lotto. It is particularly concerned with the dynamic response to price variations since, for some goods, this has sometimes been used to infer the presence of addiction. The price elasticity is identified through variation in the...

This report details research on the relationship between education and wages. The work is largely based on the Labour Force Surveys 1992-2000 and the focus of the research is largely on academic education. The report contains microeconometric estimates of the relationship between (log) wages and...

We study how fathers and mothers income satisfaction correlates with the income satisfaction of their sons and daughters, as well as with other economic and sociodemographic variables. We estimate these correlations using data on parents and children in households surveyed in the eight waves of...

There is a considerable variation in estimates of the degree of risk aversion in the literature. This paper analyses the behaviour of contestants in one of the most popular TV gameshows ever to estimate a CRRA model of behaviour. This gameshow has a number of features that makes it well suited...

This paper examines the socio-economic consequences of teenage motherhood for a cohort of British women born in 1970. We employ a number of methods to control for observed and unobserved differences between women who gave birth as a teenager and those who do not. We present results from...

The UK's higher education funding councils have proposed reducing the number of submitted outputs from four to three in the forthcoming Research Excellence Framework to reduce the burden on panel members. This reduction is considered to be sufficient for panels to form a robust view of the...