On Tue, Oct 15, 2002 at 11:28:04PM -0400, Warnick, Walt wrote:
> Anecdotal evidence abounds to show that basic research selected and funded
> by the Federal government has produced enormous benefits. [...]
I am amazed to find here such a blatant example of the "What is seen
and what is not seen" f
Alex T Tabarrok wrote:
> Bryan's question, however, can be rephrased as not how do you explain
> the data (low ability bias and high discount rate bias) but why is it
> that ability bias appears low?
Ability bias isn't really low. Using the NLSY data, for example,
controlling for AFQT scores r
Bill is quite correct that variation in "discount rates," (which could
also be something like how much you enjoy schooling for its own sake)
can explain the fact that IV estimates are higher than OLS estimates.
Bryan's question, however, can be rephrased as not how do you explain
the data (low abil
Rodney F Weiher wrote:
>
> Just a note on discount rates. The late sociologist Ed Banfield had an entire
> theory of poverty, education, crime, and in general, class distinction based
> not on income but on discount rates, e.g. higher rates, less education, more
> crime, lower-class behavior.
Ye
Just a note on discount rates. The late sociologist Ed Banfield had an entire
theory of poverty, education, crime, and in general, class distinction based
not on income but on discount rates, e.g. higher rates, less education, more
crime, lower-class behavior.
It was very intuitive in terms of a
William Dickens wrote:
>
> As I remember the standard neo-classical answer to this is that the main
> source of endogenaity isn't ability bias but discount rate bias - - that
> people with below average discount rates get more schooling.
I hadn't thought of that (or heard it). Is there actuall
I have now read many instances of the Argentina problems being blamed on the
fact that "tying the Argentine currency to the US dollar made that economy
seriously uncompetitive".
But I thought the measure of an uncompetitive currency was falling exports &
rising imports.
And that Argentina had had
