RT Journal Article SR Electronic T1 A Thousand Cuts JF Journal of Human Resources FD University of Wisconsin Press SP 950 OP 976 DO 10.3368/jhr.0222-12169R2 VO 60 IS 3 A1 Hollingsworth, Alex A1 Huang, Jiafang Mike A1 Rudik, Ivan A1 Sanders, Nicholas J. YR 2025 UL http://jhr.uwpress.org/content/60/3/950.abstract AB We study how lead exposure impacts learning in elementary school using a natural experiment where a national automotive racing organization switched from leaded to unleaded fuel. Increased lead exposure harms academic performance, shifting the entire performance distribution, and negatively impacting both younger and older children. For a given total quantity of exposure, the marginal impacts of lead appear greater when spread over more years. The average treated student loses $5,200 of future income in present-value terms. This effect is similar to reducing class size by three students or increasing school spending per pupil by $750.