We are indebted to generous feedback from many, especially Pietro Biroli, StevenDurlauf, Mette Ejrnæs, Sadegh Eshaghnia, James Heckman, Lena Janys, Søren Leth-Petersen, Elena Mat-tana, Mikkel Mertz, Nicholas Papageorge, Pia Pinger, Almudena Sevilla, Miriam Wüst, and participants atthe CEBI/VIVE workshop on “The importance of early-life circumstances: Shocks, parents and policies,”Copenhagen Education Network, the University of Copenhagen, the EALE/SOLE/AASLE World Confer-ence, the NBER Summer Institute, and the UCL/CReAM Topics in Labour Economics Workshop. MiriamGensowski acknowledges the "A good start in life" foundation for support.