@TechReport{iza:izadps:dp16370,
            	author={Bennhoff, Frederik H. and García, Jorge Luis and Leaf, Duncan Ermini},
            	title={The Dynastic Benefits of Early Childhood Education: Participant Benefits and Family Spillovers},
            	year={2023},
	month={Aug},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={16370},
            	url={https://www.iza.org/publications/dp16370},
	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).},
	keywords={intergenerational program evaluation;intergenerational mobility;early childhood education;cost-benefit analysis;life-cycle benefits;spillover effects},
            }