Drought of Opportunities: Contemporaneous and Long-Term Impacts of Rainfall Shocks on Human Capital
利用印度农村的测试分数和入学数据，发现降雨带来的高工资在生命早期（出生前至2岁）增加人力资本投资，但在5至16岁阶段因儿童弃学务工而降低人力资本。
Higher wages are generally thought to increase human capital production, particularly in the developing world. We introduce a simple model of human capital production in which investments and time allocation differ by age. Using data on test scores and schooling from rural India, we show that higher wages increase human capital investment in early life (in utero to age 2) but decrease human capital from age 5 to 16. Children switch out of school into productive work when rainfall is higher. The opportunity cost of schooling, even for fairly young children, is an important factor in determining overall human capital investment.