We consider nonparametric identification and estimation of pricing kernels, or equivalently of marginal utility … estimation with the computation of a matrix eigenvector problem. Our estimator avoids the ill-posed inverse issues associated …

The central vs. local nature of high-school exit exam systems can have important repercussions on the labor market. By … grades differs between central and local exams. We find that the earnings premium for a one standard-deviation increase in … high-school grades is indeed 6 percent when obtained on central exams but less than 2 percent when obtained on local exams …

The central vs. local nature of high-school exit exam systems can have important repercussions on the labor market. By … grades differs between central and local exams. We find that the earnings premium for a one standard-deviation increase in … high-school grades is indeed 6 percent when obtained on central exams but less than 2 percent when obtained on local exams …