Testing for Educational Credit Constraints Using Heterogeneity in Individual Time Preferences
构建模型证明，当信贷约束存在时，个体时间贴现率对人力资本积累的影响更大。利用NLSY79数据发现，时间偏好对黑人及低收入青年大学入学决策的影响显著高于白人和高收入青年，为弱势群体受教育程度较低源于信贷约束提供了新证据。
I develop a model in which individual time discount rates have a larger effect on human capital accumulation when credit constraints are binding. Impatient individuals obtain less schooling when borrowing constraints limit the ability to finance consumption during school. Using data from the NLSY79, I show that self-reported measures of time preferences have a significantly higher effect on the college attendance decisions of blacks than those of whites and the decisions of low-income youths than those of high-income youths. These results provide new evidence that members of disadvantaged groups obtain lower levels of schooling because they are credit constrained.