Unobserved Heterogeneity Can Confound the Effect of Education on Mortality

Two opposing hypotheses were proposed to explain the life course pattern in the effect of education on mortality: “cumulative advantage,” where the education effect becomes stronger with age, and “age-as-leveler,” where the effect becomes weaker in old age. Most empirical studies bring evidence for the latter hypothesis, but the observed convergence of mortality patterns could be an artifact of selective mortality due to unobserved heterogeneity. A simulation shows that unobserved heterogeneity can bias the estimated effect of education downward so that the cohort-average effect of education decreases in old age regardless of the shape of the underlying subject-specific trajectory.     

所谓"精选"是也--《人力资源开发与管理案例精选》推介

据本书的主编——清华大学教授张德老师的自序所述，这本《人力资源开发与管理案例精选》源于他主编的另一本MBA教材。2001年，由他主编的MBA教材《人力资源开发与管理》短短半年即发行了24000册，可谓大受欢迎。不过，很多买了教材的人都询问：“有没有配套的案例集？”经过张教授及其团队一年的紧张工作，这本《案例精选》面世。管理是一门实践性非常强的学科，案例教学在管理教育特别是MBA教学中具有非常重要的地位。MBA教学对案例的要求是：内容典型；涵义深刻；适合讨论；种类齐全。作为21世纪清华MBA系列教材之一，这本《案例精…     

INTERNATIONAL DEBTS: WHAT'S FACT AND WHAT'S FICTION: PRESIDENTIAL ADDRESS TO THE WESTERN ECONOMIC ASSOCIATION, JULY 2, 1988

From the vantage point of 1988, the 1982 judgment that the troubled foreign country debtors had a liquidity problem, not a solvency problem, appears to have been fiction. The fact is that troubled debtors did not use productively the resources they borrowed. Further loans to them only add to the burden of their existing debt. Retaining the loans at face value on the books of the creditor banks is a fiction that financial markets see though. Intervention by regulators and international lending agencies has impeded bilateral bargains between the debtors and the banks.