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Constraints in the Demand for Education: What Can we Learn from Subjective Assessments?

Listed author(s):
  • Sorokina Olga V.

    ()

    (PricewaterhouseCoopers)

While the large disparities in educational attainment by socioeconomic status in the United States point towards the importance of credit constraints, there is no consensus in the economic literature regarding their pervasiveness. To evaluate how subjective information can enhance our understanding of the role of credit constraints in education, I focus on NLSY79 respondents' assessments of financial obstacles to schooling. About 12 percent of young adults in the data expect to underinvest in education because of financial reasons or the need to work. Using this information in a regression model of educational attainment shows that it provides valuable behavioral insights, above and beyond standard measures of income and family background.

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Article provided by De Gruyter in its journal The B.E. Journal of Economic Analysis & Policy.

Volume (Year): 12 (2012)
Issue (Month): 1 (October)
Pages: 1-23

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Handle: RePEc:bpj:bejeap:v:12:y:2012:i:1:n:43
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  1. Todd R. Stinebrickner & Ralph Stinebrickner, 2007. "The Effect of Credit Constraints on the College Drop-Out Decision A Direct Approach Using a New Panel Study," NBER Working Papers 13340, National Bureau of Economic Research, Inc.
  2. Philippe Belley & Lance Lochner, 2007. "The Changing Role of Family Income and Ability in Determining Educational Achievement," Working Papers 2011-037, Human Capital and Economic Opportunity Working Group.
  3. Stephen V. Cameron & Christopher Taber, 2004. "Estimation of Educational Borrowing Constraints Using Returns to Schooling," Journal of Political Economy, University of Chicago Press, vol. 112(1), pages 132-182, February.
  4. Card, David, 2001. "Estimating the Return to Schooling: Progress on Some Persistent Econometric Problems," Econometrica, Econometric Society, vol. 69(5), pages 1127-1160, September.
  5. Cecilia Elena Rouse, 2004. "Low-Income Students and College Attendance: An Exploration of Income Expectations-super-," Social Science Quarterly, Southwestern Social Science Association, vol. 85(5), pages 1299-1317.
  6. Averett, Susan L. & Burton, Mark L., 1996. "College attendance and the college wage premium: Differences by gender," Economics of Education Review, Elsevier, vol. 15(1), pages 37-49, February.
  7. Keane, Michael P & Wolpin, Kenneth I, 2001. "The Effect of Parental Transfers and Borrowing Constraints on Educational Attainment," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 42(4), pages 1051-1103, November.
  8. Kane, Thomas J, 1994. "College Entry by Blacks since 1970: The Role of College Costs, Family Background, and the Returns to Education," Journal of Political Economy, University of Chicago Press, vol. 102(5), pages 878-911, October.
  9. John R. Reynolds & Jennifer Pemberton, 2001. "Rising College Expectations among Youth in the United States: A Comparison of the 1979 and 1997 NLSY," Journal of Human Resources, University of Wisconsin Press, vol. 36(4), pages 703-726.
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