In structural dynamic discrete choice models, one way to allow correlation across errors associated with different choices is to use the multivariate normal distribution. Unfortunately, the expectation of the maximum with normally distributed errors is relatively difficult to evaluate. In this...

We provide new evidence that cash transfers following the birth of a first child can have large and long-lasting effects on that child's outcomes. We take advantage of the January 1 birthdate cutoff for U.S. child-related tax benefits, which results in families of otherwise similar children...