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Author: Heckman, Stuart J.

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1.	Heckman, Stuart J.
1.	Consumer Risk Preferences and Higher Education Enrollment Decisions Ph.D. Dissertation, Department of Human Ecology, The Ohio State University, 2014 Cohort(s): NLSY97 Publisher: ProQuest Dissertations & Theses (PQDT) Keyword(s): College Enrollment; Human Capital; Risk-Taking; Time Preference Permission to reprint the abstract has not been received from the publisher. The purpose of this research was to investigate the ceteris paribus effect of consumer risk preferences on the decision to enroll in higher education. A sample from the 1997 cohort of the National Longitudinal Study of Youth (NLSY97) was analyzed by using logistic regression to model the likelihood of higher education enrollment among young adults. Using the NLSY97 allowed for strong individual-level controls in the empirical model, including explanatory variables that have been consistently demonstrated in the literature to predict college enrollment. In addition to the standard individual-level controls, this study advanced the understanding of enrollment decisions by including measures for time preferences, subjective perceptions of risk in pursuing higher education, and risk preferences, all of which were identified as important predictors in a risky human capital theoretical model. Since the literature regarding human capital accumulation and the returns to education is vast and spans multiple disciplines, this research also contributes to the literature by providing a thorough review of research and theoretical models across disciplines.
	Bibliography Citation Heckman, Stuart J. Consumer Risk Preferences and Higher Education Enrollment Decisions. Ph.D. Dissertation, Department of Human Ecology, The Ohio State University, 2014.

2.	Heckman, Stuart J. Montalto, Catherine Phillips
2.	Consumer Risk Preferences and Higher Education Enrollment Decisions Journal of Consumer Affairs 52,1 (Spring 2018): 166-196. Also: https://onlinelibrary.wiley.com/doi/abs/10.1111/joca.12139 Cohort(s): NLSY97 Publisher: American Council on Consumer Interests (ACCI) Keyword(s): College Enrollment; Human Capital; Risk-Taking Permission to reprint the abstract has not been received from the publisher. Although there are widespread concerns that consumers are making poor choices regarding higher education, the fact that human capital investments are risky is often overlooked in the national conversation. Therefore, this research investigates the effect of risk preferences on higher education enrollment decisions. A sample from the 1997 cohort of the National Longitudinal Survey of Youth (NLSY97) was analyzed, and the results indicate that consumer risk preferences have a significant effect on the likelihood of enrollment. Specifically, there was a robust, positive relationship between risk tolerance and the likelihood of enrollment even after controlling for time preferences and risk perceptions. Consistent with previous findings, ability, parental education, family net worth and income, and being female were positively associated with the likelihood of enrollment. The results suggest that risk preferences may be an important source of omitted variable bias in previous studies of higher education investment choices.
	Bibliography Citation Heckman, Stuart J. and Catherine Phillips Montalto. "Consumer Risk Preferences and Higher Education Enrollment Decisions." Journal of Consumer Affairs 52,1 (Spring 2018): 166-196.

3.	Kimmes, Jonathan G. Heckman, Stuart J.
3.	Parenting Styles and College Enrollment: A Path Analysis of Risky Human Capital Decisions Journal of Family and Economic Issues 38,4 (December 2017): 614-627. Also: https://link.springer.com/article/10.1007/s10834-017-9529-4 Cohort(s): NLSY97 Publisher: Springer Keyword(s): College Enrollment; Expectations/Intentions; Human Capital; Parental Influences; Parenting Skills/Styles Permission to reprint the abstract has not been received from the publisher. In this study, we examined how parents influence the higher education decision-making process of young adults. Using data from the National Longitudinal Survey of Youth 1997, results from a path analysis showed that, although parenting styles were not directly linked with college enrollment, they were indirectly associated with college enrollment via their prior associations with a number of variables, including young adults' subjective probability of completing college, time preferences, academic achievement, cognitive ability, and parental expectations. These findings suggest that although parents may be less directly involved with higher education choices of young adults, they still have an important indirect influence on these choices. Parenting style impacts the child's beliefs, expectations, and attitudes, all of which ultimately play a role in the decision of whether or not to enroll in college.
	Bibliography Citation Kimmes, Jonathan G. and Stuart J. Heckman. "Parenting Styles and College Enrollment: A Path Analysis of Risky Human Capital Decisions." Journal of Family and Economic Issues 38,4 (December 2017): 614-627.

4.	Lauderdale, Mitzi K. Heckman, Stuart J.
4.	Family Background and Higher Education Attainment Among Children of Immigrants Journal of Family and Economic Issues 38,3 (September 2017): 327-337. Also: https://link.springer.com/article/10.1007/s10834-017-9537-4 Cohort(s): NLSY97 Publisher: Springer Keyword(s): Educational Attainment; Family Background and Culture; Immigrants; Parental Influences Permission to reprint the abstract has not been received from the publisher. This study uses a modified form of Perna's educational choice model (Studying college access and choice: A proposed conceptual model, Springer, Berlin, 2006) to examine whether children of immigrants have an "immigrant advantage" related to educational attainment. Children of immigrants represent approximately one in four children in the US and are the fastest growing segment of school-aged children. Using data from all 16 waves of the National Longitudinal Survey of Youth (1997-2013), a random effects regression analysis indicated that children with at least one immigrant parent had a higher likelihood of higher education attainment. When separate regressions were run by race/ethnicity, the immigrant advantage was only present for Black and Hispanic respondents. Results presented evidence of omitted variable bias when modeling higher education attainment where parental immigration status was absent.
	Bibliography Citation Lauderdale, Mitzi K. and Stuart J. Heckman. "Family Background and Higher Education Attainment Among Children of Immigrants." Journal of Family and Economic Issues 38,3 (September 2017): 327-337.

5.	Letkiewicz, Jodi C. Heckman, Stuart J.
5.	Homeownership among Young Americans: A Look at Student Loan Debt and Behavioral Factors Journal of Consumer Affairs 52,1 (Spring 2018): 88-114. Also: https://onlinelibrary.wiley.com/doi/abs/10.1111/joca.12143 Cohort(s): NLSY97 Publisher: American Council on Consumer Interests (ACCI) Keyword(s): College Cost; Debt/Borrowing; Home Ownership; Risk-Taking; Student Loans / Student Aid Permission to reprint the abstract has not been received from the publisher. This study uses the National Longitudinal Survey of Youth (1997) to examine the factors that impact homeownership among young adults, with an emphasis on student loan debt. Three key findings arise from the research. First, life cycle and demographic characteristics, such as marital status, education, and income, continue to be strong predictors of homeownership. Married households with a college degree and children are among the most likely to own a home. Second, young adults with student loan debt are no more or less likely to own a home than someone without debt after controlling for a number of factors; however, students who have already paid off their loans are more likely to own a home. Finally, respondents who express a willingness to take risks in finances are more likely to own a home while those who are more conscientious are less likely to own a home.
	Bibliography Citation Letkiewicz, Jodi C. and Stuart J. Heckman. "Homeownership among Young Americans: A Look at Student Loan Debt and Behavioral Factors." Journal of Consumer Affairs 52,1 (Spring 2018): 88-114.

6.	Letkiewicz, Jodi C. Heckman, Stuart J.
6.	Repeated Payment Delinquency Among Young Adults in the United States International Journal of Consumer Studies 43,5 (September 2019): 417-428. Also: https://onlinelibrary.wiley.com/doi/10.1111/ijcs.12522 Cohort(s): NLSY97 Publisher: Wiley Online Keyword(s): Debt/Borrowing; Financial Behaviors/Decisions; Modeling, Probit; Personality/Big Five Factor Model or Traits; Student Loans / Student Aid Permission to reprint the abstract has not been received from the publisher. There is concern in the United States about young adults falling behind financially due to the increased use of student loans and low wages. This study investigates payment delinquency as a measure of financial distress to better understand how young adults might be struggling. Personality traits are incorporated into the model to determine the extent to which behavioral factors are correlated with financial behand if they predict a habit trend of payment delinquency. The 1997 National Longitudinal Survey of Youth (NLSY97), a nationally representative longitudinal dataset, is used in the study. A random effects probit model and a dynamic random effects probit model are used to examine late bill pay (harassed by bill collectors) and late rent or mortgage payments (more than 60 days late) over a period of eight years (2007-2015). Results from the analysis indicate that payment delinquency in a previous period increases the likelihood of payment delinquency by 10 percentage points in a subsequent period. Conscientiousness decreases the likelihood by 2.1 percentage points, while neuroticism increases the likelihood by 1.6 percentage points. This article is protected by copyright. All rights reserved.
	Bibliography Citation Letkiewicz, Jodi C. and Stuart J. Heckman. "Repeated Payment Delinquency Among Young Adults in the United States." International Journal of Consumer Studies 43,5 (September 2019): 417-428.

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