Present Bias and Underinvestment in Education? Long-Run Effects of Childhood Exposure to Booms in Colombia
利用哥伦比亚咖啡种植模式与世界咖啡价格的变化，研究发现童年时期面临更高咖啡相关工作收入的群体，受教育年限更少、成年后收入更低，表明短期收入机会可能导致学生忽视教育的长期收益。
This paper examines the long-run impacts of income shocks by exploiting variation in coffee cultivation patterns within Colombia and world coffee prices during cohorts’ school-going years. The results indicate that cohorts that faced higher returns to coffee-related work in childhood completed fewer years of schooling and have lower adult earnings scores. Several pieces of evidence suggest that these results reflect changes in educational decisions induced by temporary changes in the opportunity cost of schooling. These findings are consistent with the possibility that students may ignore or heavily discount the future consequences of dropout decisions when faced with immediate income gains.