The Changing Role of Family Income and Ability in Determining Educational Achievement
利用1979年和1997年的全国青年纵向调查数据，研究发现家庭收入对大学入学的影响在20年间显著增强，而认知能力的影响保持稳定；通过教育选择模型分析，借贷约束是解释这一变化的关键因素。
We use the National Longitudinal Survey of Youth 1979 and 1997 cohorts to estimate the effects of ability and family income on educational attainment in the early 1980s and early 2000s. The effects of family income on college attendance increase substantially over this period. Cognitive ability strongly affects schooling outcomes in both periods. We develop an educational choice model that incorporates both borrowing constraints and a “consumption value” of schooling. The model cannot explain the rising effects of family income on college attendance in response to rising costs and returns to college without appealing to borrowing constraints.