Policies for Early Childhood Skills Formation: Accounting for Parental Choices and Noncognitive Skills
构建了一个包含父母选择和非认知技能形成的模型，评估儿童津贴政策对儿童技能发展的回报，发现考虑非认知技能后政策回报高于以往估计。
Abstract What are the returns in terms of children’s skills development to child allowance policies? Answering this question requires a theory of the trade-offs faced by households, as well as a realistic technology of skills formation. I build a model of parental choices that embeds the technology of cognitive and non-cognitive skills formation estimated by Cunha, Heckman, and Schennach (2010), featuring risky investment in children, time use trade-offs, idiosyncratic income risk, and borrowing constraints. Accounting for non-cognitive skills implies higher effectiveness of parental investments, and therefore higher policy returns than previously estimated in the literature.