Estimating the Value of Higher Education Financial Aid: Evidence from a Field Experiment
利用加拿大实地实验数据，估算准大学生对助学贷款的价值感知，发现多数人愿意支付高于市场利率的溢价，且信贷约束显著。
Using data from a Canadian field experiment on financial barriers to higher education, we estimate the distribution of the value of financial aid for prospective students. We find that a considerable share of prospective students perceive significant credit constraints. Most individuals are willing to pay a sizable interest premium above the prevailing market rate for the option to take up a loan, with a median interest rate wedge equal to 6.8 percentage points for a $1, 000 loan. The willingness to pay for financial aid is heterogeneous across students, with discount factors playing a key role in accounting for this variation.