Financial risk tolerance is an important personal characteristic that is widely used by financial professionals to guide the development and presentation of client-centered recommendations. As more baby boomers enter retirement, research on how these individuals perceive their willingness to take financial risks has gained importance, particularly…

Data on psychological influences of financial behaviors has not been well addressed in student populations, which is concerning given the high levels of general and financial stress experienced by college students. The findings of this study indicate that college students with an external locus of control exhibit the worst financial behaviors.…

Parental income and wealth contribute to children's success but are at least partly endogenous to parents' cognitive and noncognitive skills. We estimate the degree to which mothers' skills measured in early adulthood confound the relationship between their economic resources and their children's postsecondary education outcomes. Analyses of…

We use panel data from the National Longitudinal Survey of Youth (NLSY79) to estimate the effects of cognitive skills (measured by the Armed Forces Qualification Test) and attitudinal/behavioral traits (a latent factor based on self-reported self-esteem, locus of control, educational aspirations and educational expectations) on career wage…

While "ability" has long featured prominently in economic models and empirical studies of labor markets, economists have only recently begun to consider how personality and attitudes--noncognitive factors--influence behavior both from a theoretical and empirical standpoint. This dissertation incorporates noncognitive factors into…

Head Start is a federally funded preschool program for poor children designed to help close the gap between those children and their more advantaged peers before they begin public schooling. Given that Head Start appears to have positive long-run impacts on its recipients, a natural and important next question to ask is: What are the channels…

This paper examines the effect of teenagers' outlooks--specified as their locus of control--on educational attainment and labor market outcomes. I replicate the study of Coleman and DeLeire (2003) and test the predictions of their theoretical model using a different data set--National Longitudinal Survey of Youth (NLSY). The findings fail to…