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Kareem Haggag () is an Assistant Professor of Behavior and Decision Making at UCLA Anderson School of Management and a Faculty Research Fellow at NBER

Emily Leslie () is an Assistant Professor of Economics at Brigham Young University

Devin Pope () is a Professor of Behavioral Science and Economics at University of Chicago Booth School of Business and a Research Associate at NBER

Nolan Pope () is an Associate Professor of Economics at University of Maryland

Miriam Gensowski is Senior Researcher, and Rasmus Landersø is Research Professor, both at theROCKWOOL Foundation, Research Unit, based in Copenhagen Denmark, and they are both affiliated with IZA, Bonn

Miriam Gensowski is Senior Researcher, and Rasmus Landersø is Research Professor, both at theROCKWOOL Foundation, Research Unit, based in Copenhagen Denmark, and they are both affiliated with IZA, Bonn

Philip Dale is Professor Emeritus at the Department of Speech and Hearing Sciences, University of New Mexico, Albuquerque

Anders Højen is Associate Professor, and Dorthe Bleses is Professor, both at the School of Communication and Culture, and TrygFondens Center for Child Research, Aarhus University

Laura Justice is Professor at the Department of Educational Studies, Ohio State University

Anders Højen is Associate Professor, and Dorthe Bleses is Professor, both at the School of Communication and Culture, and TrygFondens Center for Child Research, Aarhus University

§Wookun Kim is an assistant professor at the economics department, Southern Methodist University in Dallas, Texas, USA and a research affiliate at CESifo, Munich, Germany. This paper uses confidential data from Statistics Korea, a government agency under the Ministry of Economy and Finance of South Korea. The data access can be obtained by filing a request directly with the agency via its MicroData Integrated Service (mdis.kostat.go.kr/eng/index.do). The author is willing to assist. The other data and all the codes used in this article are available online: . This project was supported in part by the California Center for Population Research with a grant (T32HD007545; P2CHD041055) from the Eunice Kennedy Shriver National Institute of Child Health and Human Development. The content is solely my responsibility and does not represent the official views of the NICHD or the National Institutes of Health. All errors are mine. An online appendix has been included.

Mathilde Godard is CNRS researcher at Université Paris-Dauphine, PSL Research University, CNRS, LEDa .

Pierre Koning is economics professor at the Vrije Universiteit Amsterdam, IZA, and TI.

Maarten Lindeboom is economics professor at the Vrije Universiteit, IZA, TI, the Centre for Health Economics, and Monash University.