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Quantifying the Life-cycle Benefits of a Prototypical Early Childhood Program

Jorge Luis Garcia (), James Heckman, Duncan Ermini Leaf and María José Prados ()

No 23479, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper quantifies and aggregates the multiple lifetime benefits of an influential high-quality early childhood program with outcomes measured through midlife. Guided by economic theory, we supplement experimental data with non-experimental data to forecast the life-cycle benefits and costs of the program. Our point estimate of the internal rate of return is 13.7% with an associated benefit/cost ratio of 7.3. We account for model estimation and forecasting error and present estimates from extensive sensitivity analyses. This paper is a template for synthesizing experimental and non-experimental data using economic theory to estimate the long-run life-cycle benefits of social programs.

JEL-codes: C93 I28 J13 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ure
Date: 2017-06
Note: CH ED
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Working Paper: Quantifying the Life-Cycle Benefits of a Prototypical Early Childhood Program (2017) Downloads
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