This paper presents a unified theory of human capital with both health capital and, what we term, skill capital endogenously determined within the model. By considering joint investment in health capital and in skill capital, the model highlights similarities and differences in these two...

While a large literature has focused on the impact of parental investments on child cognitive development, very little is known about the children's own investments. Information on how children use their time separately from parents is probably less informative for babies and toddlers, but it...

This paper exploits a unique ongoing experiment to analyze the effects of early rearing conditions on physical and mental health in a sample of rhesus monkeys (Macaca mulatta). We analyze the health records of 231 monkeys which were randomly allocated at birth across three rearing conditions:...

To design studies that fill gaps in existing knowledge and build on innovations in research and practice, international early childhood researchers studying interventions and policies targeting early childhood development (ECD) need to sort quickly through the existing evidence. Researchers have...

This concept paper proposes a four-stage approach to in-country/region ECD program development, selection, and inquiry designed to build the evidence base required to guide program and policy decisions. The foundation of the approach is a strengths-based continuous program improvement framework....

The inverted U shape of the lifetime wage profile is frequently taken to be a stylized fact. This implies a smooth decline in wages as workers approach retirement. Instead, this paper shows that the hourly wage of the typical older worker increases slightly with age for as long as he is employed...

I develop and estimate a structural equilibrium model of the college market. Students, having heterogeneous abilities and preferences, make college application decisions, subject to uncertainty and application costs. Colleges, observing only noisy measures of student ability, choose tuition and...

We present a dynamic general equilibrium model with agency costs, where heterogeneous firms choose among two alternative instruments of external finance - corporate bonds and bank loans. We characterize the financing choice of firms and the endogenous financial structure of the economy. The...

We study asset-pricing implications of innovation in a general-equilibrium overlapping generations economy. Innovation increases the competitive pressure on existing firms and workers, reducing the profits of existing firms and eroding the human capital of older workers. Due to the lack of...

We present evidence from a natural field experiment involving nearly 100,000 individuals on the effects of offering economic incentives for blood donations. Subjects who were offered economic rewards to donate blood were more likely to donate, and more so the higher the value of the rewards....