Educational Investments in a Dual Economy
构建了一个两期二元经济模型，分析迁移机会如何通过影响非正规融资渠道，进而改变教育投资模式。对理解农村家庭在金融市场不完善时的教育决策有参考价值。
We present a simple two‐period, dual‐economy model in which migration options may affect the informal financing of educational investments. When credit contracts are universally available and perfectly enforceable, spatially varied returns to human capital have no effect on educational investment patterns. But when financial markets are incomplete and informal mechanisms with imperfect contract enforcement must fill the breach, attributes that affect the returns to education will affect educational lending and, consequently, educational attainment. Migration options can increase the returns to education, but can also choke off the informal finance on which poorer rural households may depend for long‐term, lumpy investments like children's education.