This paper estimates returns to education using a dynamic model of educational choice that synthesizes approaches in the structural dynamic discrete choice literature with approaches used in the reduced form treatment effect literature. It is an empirically robust middle ground between the two approaches which estimates economically interpretable and policy-relevant dynamic treatment effects that account for heterogeneity in cognitive and non-cognitive skills and the continuation values of educational choices. Graduating college is not a wise choice for all. Ability bias is a major component of observed educational differentials. For some, there are substantial causal effects of education at all stages of schooling.

Intelligence quotient (IQ), grades, and scores on achievement tests are widely used as measures of cognition, but the correlations among them are far from perfect. This paper uses a variety of datasets to show that personality and IQ predict grades and scores on achievement tests. Personality is relatively more important in predicting grades than scores on achievement tests. IQ is relatively more important in predicting scores on achievement tests. Personality is generally more predictive than IQ on a variety of important life outcomes. Both grades and achievement tests are substantially better predictors of important life outcomes than IQ. The reason is that both capture personality traits that have independent predictive power beyond that of IQ.IQ | achievement tests | grades | personality traits I ntelligence quotient (IQ), grades, and scores on achievement tests are widely used as measures of cognition (1, 2) (SI Appendix, Appendix S1 documents the widespread use of achievement tests as measures of IQ). However, the correlations among them are far from perfect. This paper establishes the predictive power of personality for grades and scores on achievement tests. Personality is a better predictor of a variety of life outcomes than IQ. Both grades and scores on achievement tests have independent predictive power above and beyond IQ, because both measures capture aspects of personality.Achievement tests were designed to capture general knowledge acquired in school and life (3-5). They were thought to be more objective and fair than grades, which involve teacher assessments of individual students in particular classrooms. Tests of fluid intelligence were designed to capture "innate aptitudes" rather than acquired knowledge (6).The recent literature has shown that there is no clear distinction between innate and acquired traits. A large body of research shows that IQ can be altered by interventions (7,8). Additionally, all measures of ability are based on knowledge as gauged by performance on tasks (e.g., taking a test) (9). Not only is knowledge acquired but greater cognitive ability facilitates acquisition of knowledge. Personality traits also affect acquisition of knowledge. More motivated people learn more (10). In addition, more conscientious people take tests more seriously (11). Personality traits also influence grades. It was precisely because grades depend on personality that achievement tests were advocated as better measures of cognition. Achievement tests were thought to be independent of teacher assessments of noncognitive traits that were often deemed to be biased (4,5). This paper makes the following points. (i) Grades, scores on achievement tests, and IQ are strongly positively correlated but not perfectly so. This strong correlation gives purchase to the view that the three measures can be used interchangeably.(ii) Grades and scores on achievement tests are differentially influenced by IQ and personality. Grades are more heavily influenced by personality than achievement tests. (iii) All three me...

Approximately 25% of hemophilia A patients infused with factor VIII (fVIII) mount an immune response, which leads to its inactivation. Anti-fVIII autoantibodies are also seen rarely in individuals with normal fVIII. We have previously demonstrated that some anti-A2 and anti-C2 domain antibodies are fVIII inhibitors and that many patients have additional inhibitors with a fVIII light chain (LCh) epitope outside C2. Because the contribution of the different antibodies to the plasma inhibitor titer had been examined in a limited number of patients (14), we report in this study a more extensive analysis of 55 plasmas. The dominant inhibitors in 62% (13 of 21) of autoantibody plasmas were directed only against C2 or A2, but not both, whereas this pattern was found in only 15% (5 of 34) of hemophilic plasmas. In addition, anti-A2 inhibitors were present in 71% (24 of 34) of hemophilic plasmas, but only 33% (7 of 21) of autoantibody plasmas. These results demonstrated that the inhibitor response in hemophiliacs was more complex and the epitope specificity was somewhat different. A comparison of hemophiliacs treated only with plasma fVIII or recombinant fVIII showed no significant differences in the complexity of the inhibitor response, as ≥ 2 different inhibitor antibodies were present in 78% (18 of 23) of the former and 82% (9 of 11) of the latter. In contrast, the major inhibitors in 35% (8 of 23) of hemophiliacs treated with plasma fVIII were directed against C2 and another LCh epitope within residues 1649-2137, but not A2, while none (0 of 11) treated with recombinant fVIII had this pattern.