Early and Late Human Capital Investments, Credit Constraints, and the Family
We develop a lifecycle human capital investment model in an overlapping generations environment. Investments in human capital can be made at different ages and are subject to different constraints on the individual and family. We explore empirical evidence on the complementarity of investments at early and late ages as well as the role of credit constraints in determining these investments. Using calibration and estimation, we parameterize a theoretical model and explore the impacts of various intervention policies, including subsidies and loans for human capital investment at different ages. The results speak to the importance of considering the response of both early and late human capital investments in determining the full response to government policies. They also incorporate substitution and complementarity between parental expenditures and government expenditures on investment in an altruistic family environment. Thus, family and individual decision rules depend on the policy environment.
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