Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/279068 
Year of Publication: 
2023
Series/Report no.: 
IZA Discussion Papers No. 16370
Publisher: 
Institute of Labor Economics (IZA), Bonn
Abstract: 
We demonstrate the social efficiency of investing in high-quality early childhood education using newly collected data from the HighScope Perry Preschool Project. The data analyzed are the longest follow-up of any randomized early childhood education program. Annual observations of participant outcomes up to midlife allow us to provide a cost-benefit analysis without relying on forecasts. Adult outcomes on the participants' children and siblings allow us to quantify spillover benefits. The program generates a benefit-cost ratio of 6.0 (p-value = 0.03). Spillover benefits increase this ratio to 7.5 (p-value = 0.00).
Subjects: 
cost-benefit analysis
early childhood education
intergenerational mobility
intergenerational program evaluation
life-cycle benefits
spillover effects
JEL: 
J13
I28
C93
H43
Document Type: 
Working Paper

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