Violante, and Yoram Weiss for helpful conversations and comments. We are especially grateful to AlistairWilson, for outstanding research assistance, and to James Myatt, Hong Luo, and Qingyuan Gao. Finally, we thank the adoption professionals that offered us invaluable insights into the adoption process. Financial support from the National Science Foundation (SES 0963583) and the Gordon and Betty Moore Foundation is gratefully acknowledged. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

and analysis files, and for partial support of Ng and Popkin. We also thank Harsha Thirumurthy, Shoou-Yih

ECGI, and NBER. We thank seminar participants at Brigham Young University for helpful comments. The analysis and conclusions contained in this paper are those of the authors and do not necessarily reflect the views of the Board of Governors of the Federal Reserve System, its members, its staff, or the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

This paper benefited from comments by participants at the conference on "Education Policy in Developing

Canadian Conference on the Economics of Innovation and Entrepreneurship. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

views expressed herein are those of the authors and do not necessarily reflect the views of the National

and Kathleen Mullan Harris, and funded by a grant P01-HD31921 from the Eunice Kennedy Shriver National Institute of Child Health and Human Development, with cooperative funding from 17 other agencies. Special acknowledgment is due Ronald R. Rindfuss and Barbara Entwisle for assistance in the original design. Persons interested in obtaining data files from Add Health should contact Add

We are grateful to the Center for University Selection and Placement (O SYM) for providing the data. We would also like to thank Dilara Bakan Kalaycoglu for answering all our questions about the data and Quang Vuong and Susumu Imai for extremely useful conversations. We are also indebted to participants

and University of California at Berkeley. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.