The knowledge and reasoning ability needed to manage one's finances is a form of human capital. Alzheimer's disease and other dementias cause progressive declines in cognition that lead to a complete loss of functional capacities. In this paper we analyze the impact of information about cognitive decline on the choice of household financial decision-maker. Using longitudinal data on older married couples in a novel application of survival analysis, we find that as the financial decision maker's cognition declines, the management of finances is eventually turned over to his cognitively intact spouse, often well after difficulties handling money have already emerged. However, a memory disease diagnosis increases the hazard of switching the financial respondent by over 200 percent for couples who control their retirement accounts, like 401(k) accounts, relative to those who passively receive retirement income. This finding is consistent with a model of the value of information: households with the most to gain financially from preparation are most responsive to information about cognitive decline.

While it is well-known that individuals with higher levels of education consume more preventive medical care, there are several potential explanations for this stylized fact. These explanations include causal and non-causal mechanisms, and distinguishing among explanations is relevant for accessing the importance of educational spillovers on lifetime health outcomes as well as uncovering the determinants of preventive care. In this paper, we use regression analysis, sibling fixed effects, and matching estimators to examine the impact of education on preventive care. In particular, we use a cohort of 10,000 Wisconsin high school graduates that has been followed for nearly 50 years and find evidence that attending college is associated with an increase in the likelihood of using several types of preventive care by approximately five to fifteen percent for college attendees in the early 1960s. We also find that greater education may influence preventive care partly through occupational channels and access to care. These findings suggest that increases in education have the potential to spillover on long-term health choices.

Early child neurodevelopment has major impacts on future human capital and health. However, not much is known about the impacts of prenatal risk factors on child neurodevelopment. This study evaluates the effects of maternal smoking during pregnancy on child neurodevelopment between 3 and 24 months of age and interactions with socioeconomic status (SES). Data from a unique sample of children from South America are employed. Smoking has large adverse effects on neurodevelopment, with larger effects in the low SES sample. The study results highlight the importance of early interventions beginning before and during pregnancy for enhancing child development and future human capital attainment.

We explore the relationship between education and the evolution of wealth after retirement. Asset growth following retirement depends in part on health capital and financial capital accumulated prior to retirement, which in turn are strongly related to educational attainment. These "initial conditions" at retirement can have a lingering effect on subsequent asset evolution. We aim to disentangle the effects of education that operate through health and financial pathways (such as Social Security benefits and the general level of health) to retirement from the effects of education that impinge directly on asset evolution retirement. We also consider the additional effects of education that are not captured through these pathways. We find a substantial effect of education on asset growth through each of the pathways as well as a substantial additional effect not captured by the identified pathways.

This study examines racial, ethnic and gender (REG) differentials in physical activity (PA), a significant input into health production and human capital investments. Prior studies have relied on leisure-time activity, which comprises less than 10% of non-work PA and does not capture specific information on intensity or duration, thus presenting an incomplete and potentially-biased picture of how various modes of PA differ across REG groups. This study addresses these limitations by constructing detailed and all-inclusive PA measures from the American Time Use Surveys, which capture the duration of each activity combined with its intensity based on the Metabolic Equivalent of Task. Estimates suggest significant REG differentials in work-related and various modes of non-work PA, with 30-65% of these differentials attributed to differences in education, socioeconomic status, time constraints, and locational attributes. These conditional PA differentials are consistent with and may play a role in observed REG disparities in health outcomes.

We examine gaps between minorities and whites in education and labor market outcomes, controlling for many covariates including maternal race. Identification comes from different reported races within the family. Estimates show two distinct patterns. First, there are no significant differences in outcomes between black and white males with white mothers. Second, large differences persist between these groups and black males with black mothers. The patterns are insensitive to alternative measures of own race and school fixed effects. Our results suggest that discrimination is not occurring on the basis of child skin color but through mother-child channels such as dialect or parenting practices.

This paper analyzes the non-market benefits of education and ability. Using a dynamic model of educational choice we estimate returns to education that account for selection bias and sorting on gains. We investigate a range of non-market outcomes including incarceration, mental health, voter participation, trust, and participation in welfare. We find distinct patterns of returns that depend on the levels of schooling and ability. Unlike the monetary benefits of education, the benefits to education for many non-market outcomes are greater for low-ability persons. College graduation decreases welfare use, lowers depression, and raises self-esteem more for less-able individuals.

The aging of the scientific workforce and graying of grant recipients are central policy concerns in biomedicine. These trends are potentially important because older scientists are often seen as less open to new ideas than younger scientists. In this paper, we put this hypothesis to an empirical test. Using a measure of new ideas derived from the text of nearly all biomedical scientific articles published since 1946, we compare the tendency of younger and older researchers to try out new ideas in their work. We find that papers published in biomedicine by younger researchers are more likely to build on new ideas. Collaboration with an experienced researcher matters as well. Papers with a young first author and a more experienced last author are more likely to try out newer ideas than papers published by other team configurations. Given the crucial role that the trying out of new ideas plays in the advancement of science, our results buttress the case for funding scientific work by young researchers but also provide a caution against unconditional idolatry of youth over experience.

Gains in life expectancy have recently slowed and mortality inequalities have increased. This paper examines whether trends in health observed at ages 55 to 89 mirror those trends in mortality, which may serve as an early indicator for the future evolution of mortality. We found that many health outcomes have worsened from 1992 to 2016, especially at ages below 70, and that differentials in health between low and high education groups have increased among the more recent cohorts. Overall the findings cast a pessimistic light on the future evolution of mortality rates and mortality inequalities.

We demonstrate the social efficiency of investing in high-quality early childhood education using newly collected data from the HighScope Perry Preschool Project. The data analyzed are the longest follow-up of any randomized early childhood education program. Annual observations of participant outcomes up to midlife allow us to provide a cost-benefit analysis without relying on forecasts. Adult outcomes on the participants' children and siblings allow us to quantify spillover benefits. The program generates a benefit-cost ratio of 6.0 (-value = 0.03). Spillover benefits increase this ratio to 7.5 (-value = 0.00).

The relationship between completed education and adult cognition is investigated using data from the Indonesia Family Life Survey. We compare adult siblings to account for shared, difficult-to-measure characteristics that likely affect this relationship, including genetics and parental preferences and investments. After establishing the importance of shared family background factors, we document substantively large, significant effects of education on cognition in models with sibling fixed effects. In contrast, the strong positive correlation between education and adult height is reduced to zero in models with sibling fixed effects, suggesting little contamination in the education-height association beyond factors common to siblings.