Life-cycle stage | Representation | Set 1A | Set 1B | Set 2 | Set 3 | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|
OLS | IV-GMM | OLS | IV-GMM | OLS | IV-GMM | OLS | IV-GMM | LIML | |||
Panel A: Verbal Z scores | |||||||||||
E1 | HAZ score at age 6 | 0.202 (0.028) | −0.071 (0.146) | 0.073 (0.021) | 0.107 (0.103) | 0.073 (0.021) | 0.184 (0.116) | 0.089 (0.181) | |||
E2 | School attainment | 0.221 (0.006) | 0.101 (0.018) | 0.218 (0.006) | 0.105 (0.018) | 0.218 (0.006) | 0.087 (0.020) | 0.070 (0.028) | |||
E3 | Skilled job tenure | −0.001 (0.004) | 0.028 (0.014) | 0.029 (0.017) | |||||||
Age at interview in 2002–2004 | 0.220 (0.094) | 0.058 (0.119) | 0.076 (0.075) | 0.097 (0.054) | 0.111 (0.074) | 0.173 (0.087) | 0.111 (0.074) | 0.201 (0.095) | 0.109 (0.126) | ||
Age at interview squared × 10 | −0.037 (0.014) | −0.014 (0.018) | −0.012 (0.012) | −0.018 (0.009) | −0.018 (0.011) | −0.029 (0.013) | −0.018 (0.011) | −0.034 (0.014) | −0.020 (0.019) | ||
Constant | −2.690 (1.501) | −0.520 (1.710) | −2.164 (1.201) | −1.709 (0.836) | −2.574 (1.17) | −2.781 (1.267) | −2.585 (1.177) | −2.993 (1.372) | −1.582 (1.803) | ||
Test diagnostics | |||||||||||
F Statistic | 26.5 | 17.4 | 472.2 | 32.3 | 401.7 | 23.9 | 335.6 | 18.9 | 9.6 | ||
[p value] | [< 0.01] | [< 0.01] | [< 0.01] | [< 0.01] | [< 0.01] | [< 0.01] | [< 0.01] | [< 0.01] | [< 0.01] | ||
Hansen J test [p value] | [0.03] | [0.17] | [0.12] | [0.16] | [0.19] | ||||||
Hausman test [p value] | [0.32] | [< 0.01] | [< 0.01] | [< 0.01] | |||||||
Panel B: Nonverbal Z scores | |||||||||||
E1 | HAZ score at age 6 | 0.192 (0.034) | 0.101 (0.128) | 0.108 (0.033) | 0.035 (0.104) | 0.105 (0.034) | 0.329 (0.128) | 0.333 (0.193) | |||
E2 | School attainment | 0.145 (0.007) | 0.125 (0.025) | 0.141 (0.007) | 0.127 (0.026) | 0.137 (0.007) | 0.038 (0.036) | 0.008 (0.048) | |||
E3 | Skilled job tenure | 0.018 (0.006) | 0.138 (0.018) | 0.149 (0.023) | |||||||
Age at interview in 2002–2004 | 0.243 (0.090) | 0.089 (0.104) | 0.121 (0.102) | 0.122 (0.085) | 0.173 (0.097) | 0.145 (0.086) | 0.146 (0.097) | 0.054 (0.099) | 0.090 (0.119) | ||
Age at interview squared × 10 | −0.041 (0.013) | −0.019 (0.015) | −0.021 (0.015) | −0.021 (0.013) | −0.029 (0.015) | −0.025 (0.013) | −0.025 (0.015) | −0.015 (0.015) | −0.021 (0.017) | ||
Constant | −3.032 (1.462) | −1.089 (1.597) | −2.348 (1.674) | −2.260 (1.419) | −2.956 (1.597) | −2.587 (1.397) | −2.513 (1.589) | −0.033 (1.590) | −0.451 (1.867) | ||
Test diagnostics | |||||||||||
F Statistic | 25.0 | 18.6 | 166.1 | 23.1 | 118.8 | 17.1 | 96.5 | 31.1 | 22.7 | ||
[p value] | [<0.01] | [<0.01] | [<0.01] | [<0.01] | [<0.01] | [<0.01] | [<0.01] | [<0.01] | [<0.01] | ||
Hansen J test [p value] | [<0.01] | [<0.01] | [<0.01] | [0.12] | [0.12] | ||||||
Hausman test [p value] | [0.10] | [0.87] | [0.98] | [<0.01] | |||||||
Panel C: First-stage diagnostics | |||||||||||
Kleibergen–Paap Wald F statistic | 7.28 | 15.41 | 6.35 | 6.31 | |||||||
[p value] | [<0.05] | [<0.05] | [<0.05] | [<0.05] |