The appropriateness of many high-cost loan regulations depends on whether demand is driven by financial conditions ("misfortunes") or imperfect decisions ("mistakes"). Bank records from Iceland show borrowers are especially illiquid just before getting a loan, but that some spend the loans...

Many financial situations present individuals with simple alternatives to solving complex problems. Are individuals sophisticated; do they know when they are better off opting out of complexity? We tested complexity's effects and evaluated sophistication in a large and diverse sample. We randomly...

The appropriateness of many high-cost loan regulations depends on whether demand is driven by financial conditions (“misfortunes”) or imperfect decisions (“mistakes”). Bank records from Iceland show borrowers are especially illiquid just before getting a loan, but that some spend the...

Many financial situations present individuals with simple alternatives to solving complex problems. The value of these alternatives depends on whether individuals are sophisticated and know when they are better off opting out of complexity. We tested complexity's effects and evaluated...

The appropriateness of many high-cost loan regulations depends on whether demand is driven by financial conditions (“misfortunes”) or imperfect decisions (“mistakes”). Bank records from Iceland show borrowers have especially low liquidity just before getting a loan. Borrowers exhibit...

This paper investigates whether education weakens the relationship between early-life disadvantages and later-life SES. We use three proxies for advantage that we show are independently associated with SES in middle-age. Besides early, favorable family and neighborhood conditions, we argue that...

Although previous research has not always found that boys and girls are treated differently in rural India, son-biased stopping rules imply that estimates of the effect of gender on parental investments are likely to be biased because girls systematically end up in larger families. We propose a...

This paper studies distributional effects of education on health. In 1972, England, Scotland, and Wales raised their minimum school-leaving age from 15 to 16 for students born after 9/1/1957. Using a regression discontinuity design and objective health measures for 0.27 million individuals, we...