Integrating Consumption and Investment Motives in a Neoclassical Model of Demand for Education
实证证据与教育的投资模型不符，自付费用与放弃收入的影响不同，消费动机可解释此差异。加入消费动机后，教育需求更大，教育全价超过未来增量收益折现，净折现财富非最大，边际教育投资回报率低于利率。
SUMMARY Empirical evidence does not agree with the investment‐model of the demand for education: out of pocket costs have another impact than earnings foregone. This difference can be explained by consumption motives. The demand for education is then greater, the full price of education exceeds discounted future incremental earnings, net discounted wealth is not maximum and the rate of return to marginal investments in education is smaller than the interest rate.