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Testing for Educational Credit Constraints using Heterogeneity in Individual Time Preferences

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  • Benjamin W. Cowan
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    Abstract

    I develop a model in which individual time discount rates have a larger e ect on hu- man capital accumulation when credit constraints are binding. Impatient individuals obtain less schooling when borrowing constraints limit the ability to nance consump- tion during school. Using data from the NLSY79, I show that self-reported measures of time preferences have a signi cantly higher e ect on the college attendance decisions of blacks than those of whites and the decisions of low-income youths than those of high- income youths. These results provide new evidence that members of disadvantaged groups obtain lower levels of schooling because they are credit constrained.

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    File URL: http://www.carloalberto.org/assets/working-papers/no.345.pdf
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    Bibliographic Info

    Paper provided by Collegio Carlo Alberto in its series Carlo Alberto Notebooks with number 345.

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    Length: 47 pages
    Date of creation: 2014
    Date of revision:
    Handle: RePEc:cca:wpaper:345

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