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  • A Theory of Education and Health | Becker-Friedman Institute Research Respository
    site admin for help if this error continues User login CNetID or Username Password Request new password Log in A Theory of Education and Health 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 important components of human capital Health is distinct from skill health is important to longevity provides direct utility provides time that can be devoted to work or other uses is valued later in life and eventually declines no matter how much one invests in it a dismal fact of life Lifetime earnings are strongly multiplicative in skill and health so that investment in skill capital raises the return to investment in health capital and vice versa The theory provides a conceptual framework for empirical and theoretical studies aimed at understanding the complex relationship between education and health and generates several new testable predictions Authors Titus Galama University of Southern California Hans van Kippersluis Erasmus School of Economics Publication Date April 2015 BFI Initiative Human Capital and Economic Opportunity JEL Classification D91

    Original URL path: http://econresearch.uchicago.edu/content/theory-education-and-health (2015-06-03)
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  • Growth through Heterogeneous Innovations | Becker-Friedman Institute Research Respository
    by trying to view this page again after changing the URL in your browser s location bar to begin with https instead of http Please contact site admin for help if this error continues User login CNetID or Username Password Request new password Log in Growth through Heterogeneous Innovations We study how external versus internal innovations promote economic growth through a tractable endogenous growth framework with multiple innovation sizes multi product firms and entry exit Firms invest in external R D to acquire new product lines and in internal R D to improve their existing product lines A baseline model derives the theoretical implications of weaker scaling for external R D versus internal R D and the resulting predictions align with observed empirical regularities for innovative firms Quantifying a generalized model for the recent U S economy using matched Census Bureau and patent data we observe a modest departure for external R D from perfect scaling frameworks Authors Ufuk Akcigit University of Pennsylvania William Kerr Harvard University Publication Date April 2015 BFI Initiative Other JEL Classification O31 Innovation and Invention Processes and Incentives O33 Technological Change Choices and Consequences Diffusion Processes O41 One Two and Multisector Growth Models L16 Industrial

    Original URL path: http://econresearch.uchicago.edu/content/growth-through-heterogeneous-innovations (2015-06-03)
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  • Gender and Dynamic Agency: Theory and Evidence on the Compensation of Top Executives | Becker-Friedman Institute Research Respository
    Log in Gender and Dynamic Agency Theory and Evidence on the Compensation of Top Executives We document three new facts about gender differences in executive compensation First female executives receive lower share of incentive pay in total compensation relative to males This difference accounts for 93 of the gender gap in total pay Second the compensation of female executives displays lower pay performance sensitivity A 1 million dollar increase in firm value generates a 17 150 increase in firm specific wealth for male executives and a 1 670 increase for females Third female executives compensation is more sensitive to bad firm performance and less sensitive to good firm performance We find no link between firm performance and the gender of top executives We discuss evidence on differences in preferences and the cost of managerial effort by gender and examine the resulting predictions for the structure of compensation We consider two paradigms for the pay setting process the efficient contracting model and the managerial power or skimming view The efficient contracting model can explain the first two facts Only the skimming view is consistent with the third fact This suggests that the gender differentials in executive compensation may be inefficient Authors

    Original URL path: http://econresearch.uchicago.edu/content/gender-and-dynamic-agency-theory-and-evidence-compensation-top-executives (2015-06-03)
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  • Correlation, Consumption, Confusion, or Constraints: Why do Poor Children Perform so Poorly? | Becker-Friedman Institute Research Respository
    location bar to begin with https instead of http Please contact site admin for help if this error continues User login CNetID or Username Password Request new password Log in Correlation Consumption Confusion or Constraints Why do Poor Children Perform so Poorly The economic and social mobility of a generation may be largely determined by the time it enters school given early developing and persistent gaps in child achievement by family income and the importance of adolescent skill levels for educational attainment and lifetime earnings After providing new evidence of important differences in early child investments by family income we study four leading mechanisms thought to explain these gaps an intergenerational correlation in ability a consumption value of investment information frictions and credit constraints In order to better determine which of these mechanisms influence family investments in children we evaluate the extent to which these mechanisms also explain other important stylized facts related to the marginal returns on investments and the effects of parental income on child investments and skills Authors Elizabeth Caucutt Western University Canada Lance Lochner University of Western Ontario Youngmin Park University of Western Ontario Publication Date March 2015 BFI Initiative Human Capital and Economic Opportunity JEL

    Original URL path: http://econresearch.uchicago.edu/content/correlation-consumption-confusion-or-constraints-why-do-poor-children-perform-so-poorly (2015-06-03)
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  • Student Loans and Repayment: Theory, Evidence and Policy | Becker-Friedman Institute Research Respository
    countries In the U S student loan default rates have also risen for recent cohorts as labor market uncertainty and debt levels have increased We discuss these trends as well as recent evidence on the extent to which students are able to obtain enough credit for college and the extent to which they are able to repay their student debts after We then discuss optimal student credit arrangements that balance three important objectives i providing credit for students to access college and finance consumption while in school ii providing insurance against uncertain adverse schooling or post school labor market outcomes in the form of income contingent repayments and iii providing incentives for student borrowers to honor their loan obligations in expectation when information and commitment frictions are present Specifically we develop a two period educational investment model with uncertainty and show how student loan contracts can be designed to optimally address incentive problems related to moral hazard costly income verification and limited commitment by the borrower We also survey other research related to the optimal design of student loan contracts in imperfect markets Finally we provide practical policy guidance for re designing student loan programs to more efficiently provide insurance

    Original URL path: http://econresearch.uchicago.edu/content/student-loans-and-repayment-theory-evidence-and-policy (2015-06-03)
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  • Growth, Pollution, and Life Expectancy: China from 1991-2012 | Becker-Friedman Institute Research Respository
    You can switch to HTTPS by trying to view this page again after changing the URL in your browser s location bar to begin with https instead of http Please contact site admin for help if this error continues User login CNetID or Username Password Request new password Log in Growth Pollution and Life Expectancy China from 1991 2012 This paper examines the relationship between income pollution and mortality in China from 1991 2012 Using first difference models we document a robust positive association between city level GDP and life expectancy We also find a negative association between city level particulate air pollution exposure and life expectancy that is driven by elevated cardiorespiratory mortality rates The results suggest that while China s unprecedented economic growth over the last two decades is associated with health improvements pollution has served as a countervailing force Authors Avraham Ebenstein Hebrew University of Jerusalem Maoyong Fan Ball State University Michael Greenstone University of Chicago Guojun He Hong Kong University of Science and Technology Peng Yin Harvard University Maigeng Zhou University of Washington Publication Date February 2015 JEL Classification Q13 Agricultural Markets and Marketing Cooperatives Agribusiness P28 Socialist Systems and Transitional Economies Natural Resources Energy Environment

    Original URL path: http://econresearch.uchicago.edu/content/growth-pollution-and-life-expectancy-china-1991-2012 (2015-06-03)
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  • Good Things Come to Those Who (Are Taught How to) Wait: Results from a Randomized Educational Intervention on Time Preference | Becker-Friedman Institute Research Respository
    page again after changing the URL in your browser s location bar to begin with https instead of http Please contact site admin for help if this error continues User login CNetID or Username Password Request new password Log in Good Things Come to Those Who Are Taught How to Wait Results from a Randomized Educational Intervention on Time Preference We report results from the impact evaluation of a randomized educational intervention targeted at elementary school children The program uses case studies stories and classroom activities to improve the ability to imagine future selves and emphasizes forward looking behavior We find that treated students make more patient intertemporal choices in incentivized experimental tasks The effect is stronger for students who are identified as present biased in the baseline Furthermore using official administrative records we find that treated children are significantly less likely to receive a low behavioral grade These results are persistent one year after the intervention replicate well in a different sample and are robust across different experimental elicitation methods Authors Sule Alan University of Essex Seda Ertac Koc University Publication Date February 2015 BFI Initiative Human Capital and Economic Opportunity JEL Classification C93 Field Experiments D91 Intertemporal Consumer

    Original URL path: http://econresearch.uchicago.edu/content/good-things-come-those-who-are-taught-how-wait-results-randomized-educational-intervention (2015-06-03)
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  • Four Types of Ignorance | Becker-Friedman Institute Research Respository
    login CNetID or Username Password Request new password Log in Four Types of Ignorance This paper studies alternative ways of representing uncertainty about a law of mo tion in a version of a classic macroeconomic targetting problem of Milton Friedman 1953 We study both unstructured uncertainty ignorance of the conditional distribution of the target next period as a function of states and controls and more structured uncertainty ignorance of the

    Original URL path: http://econresearch.uchicago.edu/content/four-types-ignorance (2015-06-03)
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