Black-White Differences in the Insurance Value of Human Capital

This paper studies the implications of black-white differences in uninsurable labor market risk for racial differences in the value of human capital. Two approaches to estimate the value of human capital in the presence of heterogeneous labor market risk and preferences for risk are implemented. A simple asset pricing approach is applied to consumption and labor income streams to estimate the shadow value of human wealth for an individual explicitly accounting for the individual's preferences for risk and expected labor income risk. Differences in these values between high school dropouts and high school graduates provide estimates of the risk-adjusted value of human capital for both black and white individuals. A method of estimating the effect of education on the risk-adjusted rate of return is also pursued. The results of both strands of the analysis indicate that human capital is a more valuable -- and less risky -- asset for blacks than for whites. A simple calculation shows the results imply the risk-adjusted rate of return to high school graduation is up to 31% higher for blacks than whitesracial differences; human capital; risk aversion; uncertainty; stochastic income process

Do Universities Generate Agglomeration Spillovers? Evidence from Endowment Value Shocks

In this paper we quantify the extent and magnitude of agglomeration spillovers from a formal institution whose sole mission is the creation and dissemination of knowledge -- the research university. We use the fact that universities follow a fixed endowment spending policy based on the market value of their endowments to identify the causal effect of the density of university activity on labor income in the non-education sector in large urban counties. Our instrument for university expenditures is based on the interaction between each university's initial endowment level at the start of the study period and the variation in stock market shocks over the course of the study period. We find modest but statistically significant spillover effects of university activity. The estimates indicate that a 10% increase in higher education spending increases local non-education sector labor income by about 0.5%. As the implied elasticity is no larger than what previous work finds for agglomeration spillovers arising from local economic activity in general, university activity does not appear to make a place any more productive than other forms of economic activity. We do find, however, that the magnitude of the spillover is significantly larger for firms that are technologically closer to universities in terms of citing patents generated by universities in their own patents and sharing a labor market with higher education.

ESSAYS ON THE ECONOMICS OF EDUCATION

In the first chapter I study racial differences in the impact of education on labor income volatility. Using panel data on black and white males from the Panel Study of Income Dynamics I find that education reduces labor income volatility more for blacks than for whites. The central specifications indicate that college graduation reduces transitory labor income volatility by more than 65 percent relative to high school dropouts for blacks, whereas whites receive no statistically significant reduction. I also find that more risk averse blacks obtain more education while more risk averse whites do not. I argue that these results imply: (1) that precautionary demand for human capital is quantitatively important; and (2) the black differential investment puzzle can be explained by accounting for racial differences in the impact of education on exposure to labor income volatility. The results can be explained by the precision of employer's beliefs about a worker's productivity increasing more with education for blacks, so that more-skilled blacks face less labor income volatility. Participants, like econometricians, may have difficulty in constructing the counterfactual outcome required to estimate the impact of a program. In this chapter, this question is directly assessed by examining the extent to which program participants are able to estimate their individual program impacts ex-post. Utilizing experimental data from the National Job Training Partnership Act (JTPA) Study (NJS) experimentally estimated program impacts to individual self-reports of program effectiveness after the completion of the program are compared. Two methods are implemented to estimate the individual experimental impacts based on: (1) subgroup variation; (2) the assumption of perfect rank correlation in impacts. Little evidence of a relationship between the experimentally estimated program impacts and self-reported program effectiveness is found. There is evidence found that cognitively inexpensive potential proxies for program impacts such as before-after differences in earnings, the type of training received, and labor market outcomes are correlated with self-reported program effectiveness

Are Participants Good Evaluators?

Managers of workforce training programs are often unable to afford costly, full-fledged experimental or nonexperimental evaluations to determine their programs’ impacts. Therefore, many rely on the survey responses of program participants to gauge program impacts. Smith, Whalley, and Wilcox present the first attempt to assess such measures despite their already widespread use in program evaluations. They develop a multidisciplinary framework for addressing the issue and apply it to three case studies: the National Job Training Partnership Act Study, the U.S. National Supported Work Demonstration, and the Connecticut Jobs First Program. Each of these studies were subjected to experimental evaluations that included a survey-based participant evaluation measure. The authors apply econometric methods specifically developed to obtain estimates of program impacts among individuals in the studies and then compare these estimates with survey-based participant evaluation measures to obtain an assessment of the surveys’ efficacy. The authors also discuss how their findings fit into the broader literatures in economics, psychology, and survey research.https://research.upjohn.org/up_press/1285/thumbnail.jp

On Memory

On Memory is a collaboration between a composer (Whalley), a neurologist (Zeman) and an author (McCall Smith). Explored through music, science and poetry; each movement tackles a different aspect of memory. How are memories formed? What is the power of forgetting, as well as remembering? What part does music play in our autobiographical memory? After an interval, this is followed with a discussion with the authors led and chaired by Professor Catherine Loveday, digging deeper into the special relationship that music has with memory and our sense of self

Dynamics of solid-electrolyte interphase formation on silicon electrodes revealed by combinatorial electrochemical screening

Revealing how formation protocols influence the properties of the solid-electrolyte interphase (SEI) on Si electrodes is key to developing the next generation of Li-ion batteries. SEI understanding is, however, limited by the low-throughput nature of conventional characterisation techniques. Herein, correlative scanning electrochemical cell microscopy (SECCM) and shell-isolated nanoparticles for enhanced Raman spectroscopy (SHINERS) are used for combinatorial screening of the SEI formation under a broad experimental space (20 sets of different conditions with several repeats). This novel approach reveals the heterogeneous nature and dynamics of the SEI electrochemical properties and chemical composition on Si electrodes, which evolve in a characteristic manner as a function of cycle number. Correlative SECCM/SHINERS has the potential to screen thousands of candidate experiments on a variety of battery materials to accelerate the optimization of SEI formation methods, a key bottleneck in battery manufacturing

Introductory programming: a systematic literature review

As computing becomes a mainstream discipline embedded in the school curriculum and acts as an enabler for an increasing range of academic disciplines in higher education, the literature on introductory programming is growing. Although there have been several reviews that focus on specific aspects of introductory programming, there has been no broad overview of the literature exploring recent trends across the breadth of introductory programming. This paper is the report of an ITiCSE working group that conducted a systematic review in order to gain an overview of the introductory programming literature. Partitioning the literature into papers addressing the student, teaching, the curriculum, and assessment, we explore trends, highlight advances in knowledge over the past 15 years, and indicate possible directions for future research

The alternative protein isoform NK2B, encoded by the vnd/NK-2 proneural gene, directly activates transcription and is expressed following the start of cells differentiation

NK-2 is a homeodomain protein essential for the development of the central nervous system in the Drosophila embryo. Here, we show that the vnd/NK-2 gene encodes an additional protein isoform (NK-2B) that differs from the known one (NK-2A) in its N-terminal domain. While NK-2A is a transcription repressor, NK-2B directly activates transcription from promoters containing NK-2 binding sites, with its N-terminal domain possessing a strong transcription activation potency. The transcription of NK-2B starts at the onset of metamorphosis. Its expression is observed in precursors of differentiating photoreceptors and in photoreceptors of the adult eye. Both NK-2B and NK-2A are expressed in the lamina. However, the expression of NK-2A is mostly associated with the undifferentiated state of nervous cells

Equine major histocompatibility complex class I molecules act as entry receptors that bind to equine herpesvirus-1 glycoprotein D

The endotheliotropism of equine herpesvirus-1 (EHV-1) leads to encephalomyelitis secondary to vasculitis and thrombosis in the infected horse central nervous system (CNS). To identify the host factors involved in EHV-1 infection of CNS endothelial cells, we performed functional cloning using an equine brain microvascular endothelial cell cDNA library. Exogenous expression of equine major histocompatibility complex (MHC) class I heavy chain genes conferred susceptibility to EHV-1 infection in mouse NIH3T3 cells, which are not naturally susceptible to EHV-1 infection. Equine MHC class I molecules bound to EHV-1 glycoprotein D (gD), and both anti-gD antibodies and a soluble form of gD blocked viral entry into NIH3T3 cells stably expressing the equine MHC class I heavy chain gene (3T3-A68 cells). Treatment with an anti-equine MHC class I monoclonal antibody blocked EHV-1 entry into 3T3-A68 cells, equine dermis (E. Derm) cells and equine brain microvascular endothelial cells. In addition, inhibition of cell surface expression of MHC class I molecules in E. Derm cells drastically reduced their susceptibility to EHV-1 infection. These results suggest that equine MHC class I is a functional gD receptor that plays a pivotal role in EHV-1 entry into equine cells

Post-stroke inhibition of induced NADPH oxidase type 4 prevents oxidative stress and neurodegeneration

Ischemic stroke is the second leading cause of death worldwide. Only one moderately effective therapy exists, albeit with contraindications that exclude 90% of the patients. This medical need contrasts with a high failure rate of more than 1,000 pre-clinical drug candidates for stroke therapies. Thus, there is a need for translatable mechanisms of neuroprotection and more rigid thresholds of relevance in pre-clinical stroke models. One such candidate mechanism is oxidative stress. However, antioxidant approaches have failed in clinical trials, and the significant sources of oxidative stress in stroke are unknown. We here identify NADPH oxidase type 4 (NOX4) as a major source of oxidative stress and an effective therapeutic target in acute stroke. Upon ischemia, NOX4 was induced in human and mouse brain. Mice deficient in NOX4 (Nox4(-/-)) of either sex, but not those deficient for NOX1 or NOX2, were largely protected from oxidative stress, blood-brain-barrier leakage, and neuronal apoptosis, after both transient and permanent cerebral ischemia. This effect was independent of age, as elderly mice were equally protected. Restoration of oxidative stress reversed the stroke-protective phenotype in Nox4(-/-) mice. Application of the only validated low-molecular-weight pharmacological NADPH oxidase inhibitor, VAS2870, several hours after ischemia was as protective as deleting NOX4. The extent of neuroprotection was exceptional, resulting in significantly improved long-term neurological functions and reduced mortality. NOX4 therefore represents a major source of oxidative stress and novel class of drug target for stroke therapy