In this paper we estimate relative age effects in academic performance using a unique database of students at Bocconi University. The identification exploits school entry cut-off ages that generate up to 11 months difference between the youngest and the oldest students within each cohort. Our...

Why do people have kids in developed societies? We propose an empirical test of two alternative theories - children as "consumptionʺ vs. "investmentʺ good. We use as a natural experiment the Italian pension reforms of the 90s that introduced a clear discontinuity in the treatment across...