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Title:Estimating Distributions of Treatment Effects with an Application to the Returns to Schooling and Measurement of the Effects of Uncertainty on College Choice PDF Logo
Authors:Carneiro, Pedro
Hansen, Karsten T.
Heckman, James Joseph
Issue Date:2003
Series/Report no.:IZA Discussion paper series 767
Abstract:This paper uses factor models to identify and estimate distributions of counterfactuals. We extend LISREL frameworks to a dynamic treatment effect setting, extending matching to account for unobserved conditioning variables. Using these models, we can identify all pairwise and joint treatment effects. We apply these methods to a model of schooling and determine the intrinsic uncertainty facing agents at the time they make their decisions about enrollment in school. Reducing uncertainty in returns raises college enrollment. We go beyond the ?Veil of Ignorance? in evaluating educational policies and determine who benefits and loses from commonly proposed educational reforms.
Subjects:policy evaluation
returns to schooling
factor models
counterfactual distributions
JEL:C31
Document Type:Working Paper
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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