This paper reports updated findings from a randomized evaluation of a generous, privately-funded scholarship program for Nebraska public college students. Scholarship offers boosted college enrollment and persistence. Four years after award receipt, randomly-selected scholarship winners were 13...

In an earlier paper, we showed that the value of shadow prices depends on how the government contemplates re- equilibrating the economy to the perturbation associated with any project, except in the extreme case where the government has chosen all policy instruments optimally. Only under...

This paper develops a general methodology for analyzing shadow wage (and other shadow prices). Our approach is to identify those reduced form relationships describing the economy which are central to the determination of the shadow wage, and use these to obtain simple formulae for the shadow...

There is currently much debate about the effectiveness of foreign aid and about what kind of projects can engender economic development. There is skepticism about the ability of econometric analysis to resolve these issues, or of development agencies to learn from their own experience. In...

This paper presents an experiment where 48 Indonesian villages were randomly assigned to choose development projects through either representative-based meetings or direct election-based plebiscites. Plebiscites resulted in dramatically higher satisfaction among villagers, increased knowledge...

I argue for thinking of program evaluation as a decision problem. In the context of California's GAIN experiment (a randomized trial of a welfare-to-work alternative to AFDC), I show that GAIN first-order stochastically dominates AFDC when considering the choice between the treatment and control...

This chapter provides a selective review of some contemporary approaches to program evaluation. One motivation for our review is the recent emergence and increasing use of a particular kind of "program" in applied microeconomic research, the so-called Regression Discontinuity (RD) Design of...

How can we allow patent examiners to effectively distinguish between patentable and unpatentable inventions, without slowing the process to a crawl or wasting a bunch of money? This essay reviews the recent literature and considers a number of proposals and their limitations. It concludes that...

We investigate the problem of predicting the average effect of a new training program using experiences with previous implementations. There are two principal complications in doing so. First, the population in which the new program will be implemented may differ from the population in which the...

We develop a real options model of Ramp;D valuation, which takes into account the uncertainty in the quality of the research output, the time and cost to completion, and the market demand for the Ramp;D output. The model is then applied to study the problem of pharmaceutical under-investment in...