Returns to Schooling, Implicit Discount Rates and Black-White Wage Differentials
构建并估计了一个简单的教育投资计量模型，发现不同社会经济背景的个体在隐含贴现率上无差异，但教育完成速度的差异解释了大部分由家庭背景造成的教育水平差异。
A simple econometric model of investment in schooling is developed and estimated. The measure of individual discount rates implicit in their educational investment decisions suggests no difference between individuals from different socioeconomic backgrounds. Differences in individual speeds of educational attainment, which do vary with background, explain most of the variation in levels of attainment that is attributable to family background.