METAANALYSIS 
CITATIONS 

BenefitCost Summary Statistics Per Participant  
Benefits to:  
Taxpayers  $2,031  Benefits minus costs  $7,641  
Participants  $4,214  Benefit to cost ratio  $29.90  
Others  $1,758  Chance the program will produce  
Indirect  ($98)  benefits greater than the costs  78 %  
Total benefits  $7,905  
Net program cost  ($264)  
Benefits minus cost  $7,641  
Detailed Monetary Benefit Estimates Per Participant  
Benefits from changes to:^{1}  Benefits to:  
Taxpayers  Participants  Others^{2}  Indirect^{3}  Total 

Labor market earnings associated with test scores  $1,964  $4,324  $1,912  $0  $8,200 
Health care associated with educational attainment  $119  ($33)  ($130)  $60  $16 
Costs of higher education  ($52)  ($78)  ($24)  ($26)  ($179) 
Adjustment for deadweight cost of program  $0  $0  $0  ($132)  ($132) 
Totals  $2,031  $4,214  $1,758  ($98)  $7,905 
Detailed Annual Cost Estimates Per Participant  
Annual cost  Year dollars  Summary  
Program costs  $260  2013  Present value of net program costs (in 2015 dollars)  ($264) 
Comparison costs  $0  2013  Cost range (+ or )  10 % 
Estimated Cumulative Net Benefits Over Time (NonDiscounted Dollars) 
The graph above illustrates the estimated cumulative net benefits perparticipant for the first fifty years beyond the initial investment in the program. We present these cash flows in nondiscounted dollars to simplify the “breakeven” point from a budgeting perspective. If the dollars are negative (bars below $0 line), the cumulative benefits do not outweigh the cost of the program up to that point in time. The program breaks even when the dollars reach $0. At this point, the total benefits to participants, taxpayers, and others, are equal to the cost of the program. If the dollars are above $0, the benefits of the program exceed the initial investment. 
MetaAnalysis of Program Effects  
Outcomes measured  No. of effect sizes  Treatment N  Adjusted effect sizes (ES) and standard errors (SE) used in the benefitcost analysis  Unadjusted effect size (random effects model)  
First time ES is estimated  Second time ES is estimated  
ES  SE  Age  ES  SE  Age  ES  pvalue  
Test scores  14  11652  0.071  0.055  11  0.051  0.060  17  0.198  0.008 
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