Educational Choice, Families, and Young People's Earnings
构建两个教育选择优化模型，利用英国家庭面板数据估计收入方程，发现教育是内生的，且家庭模型优于个人模型，父母通过教育投入补偿子女收入禀赋差异。
This paper presents two optimizing models of educational choice, discusses issues of identification, estimates earnings equations in the context of these models, and presents conditions under which we can test one against the other. The estimates indicate that education is endogenous for young people's earnings, creating a downward bias in estimated returns from education that assume exogeneity. Identification and estimation relies on family background information from a special sample from the British Household Panel Study 1991-95, which matches mothers and their young adult children. Our estimates favor a family model over an individual model, and they suggest that parents allocate resources to education to compensate for differences in their children's earnings endowments.