For over three centuries and throughout the globe, people have enthusiastically bought savings products that incorporate lottery elements. In lieu of paying traditional interest to all investors proportional to their balances, these Prize Linked Savings (PLS) accounts distribute periodic...

Parents invest both their material resources and their time into raising their children. Time investment in children is thought to be critical to the development of "quality" children who will become productive adults. This paper has three goals related to the examination of parental time...

This paper presents the results of a laboratory experiment designed to investigate whether the option of a Prize Linked Savings (PLS) product alters the likelihood that subjects choose to delay payment. By comparing PLS and standard savings products in a controlled way, we find strong evidence...

We present an empirical test for the addictiveness of lottery gambling. To distinguish state dependence from serial correlation, we exploit an exogenous shock to local market consumption of lottery gambling. We use the sale of a winning ticket in the zip code, the location of which is random...

This paper examines parental time allocated to the care of one's children. Using data from the recent American Time Use Surveys, we highlight some interesting cross-sectional patterns in time spent by American parents as they care for their children: we find that higher-educated parents spend...

We investigate trends in the U.S. rate of teen childbearing between 1981 and 2010, giving particular attention to the sizable decline that has occurred since 1991. Our primary focus is on establishing the role of state-level demographic changes, economic conditions, and targeted policies in...

This paper examines two aspects of teen childbearing in the United States. First, it reviews and synthesizes the evidence on the reasons why teen birth rates are so uniquely high in the United States and especially in some states. Second, it considers why and how it matters. We argue that...

This paper reviews the government role in the legalized gambling sector and addresses some of the major issues relevant to any normative analysis of what the government role should be. In particular, the paper reviews evidence identifying the economic "winners" and "losers" associated with the...

This analysis exploits the variation across states in the timing of policy implementation to determine if family cap policies lead to a reduction in births to women aged 15 to 34. Vital statistics birth data for the years 1989 to 1998 offer no such evidence. The data reject a decline in births...

The federal Supplemental Security Income (SSI) program has become a primary source of cash assistance for low-income families with children in the United States, with 1.04 million children currently receiving SSI benefits and 6 percent of children in a household with some SSI income. In this...