期刊
ECONOMETRICA
卷 78, 期 3, 页码 883-931出版社
WILEY
DOI: 10.3982/ECTA6551
关键词
Cognitive skills; noncognitive skills; dynamic factor analysis; endogeneity of inputs; anchoring test scores; parental influence
类别
资金
- National Science Foundation [SES-0241858, SES-0099195, SES-0452089, SES-0752699]
- National Institute of Child Health and Human Development [R01HD43411]
- J. B. and M. K. Pritzker Foundation
- Susan Buffett Foundation
- American Bar Foundation
- Pritzker Family Foundation at the Harris School of Public Policy Studies at the University of Chicago
- Pew Foundation
- National Institutes of Health-National Institute on Aging [P30 AG12836]
- Boettner Center for Pensions and Retirement Security
- NICHD at the University of Pennsylvania [R24 HD-0044964]
- Divn Of Social and Economic Sciences
- Direct For Social, Behav & Economic Scie [0752699] Funding Source: National Science Foundation
This paper formulates and estimates multistage production functions for children's cognitive and noncognitive skills. Skills are determined by parental environments and investments at different stages of childhood. We estimate the elasticity of substitution between investments in one period and stocks of skills in that period to assess the benefits of early investment in children compared to later remediation. We establish nonparametric identification of a general class of production technologies based on nonlinear factor models with endogenous inputs. A by-product of our approach is a framework for evaluating childhood and schooling interventions that does not rely on arbitrarily scaled test scores as outputs and recognizes the differential effects of the same bundle of skills in different tasks. Using the estimated technology, we determine optimal targeting of interventions to children with different parental and personal birth endowments. Substitutability decreases in later stages of the life cycle in the production of cognitive skills. It is roughly constant across stages of the life cycle in the production of noncognitive skills. This finding has important implications for the design of policies that target the disadvantaged. For most configurations of disadvantage it is optimal to invest relatively more in the early stages of childhood than in later stages.
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