Under- and over-investment in education: the role of locked-in fertility
研究指出，生育决策不可逆且受孩子能力冲击影响，导致资源在子女数量与质量间错配：欠发达地区家庭规模大，教育负担重，剥夺了有天赋孩子的机会；发达地区家庭规模小，教育投资过度，甚至惠及低能儿童。针对不同阶段提出了缓解扭曲的再分配政策。
Abstract This research argues that, in the presence of idiosyncratic ability shocks after childbirth, irreversible fertility decisions distort the resource allocation between the quantity and quality of children. In underdeveloped environments, where family size is locked into large levels, education investment places a heavy financial burden on households, which deprives some competent children of learning opportunities. In contrast, in more developed environments, family size is locked into smaller levels, which facilitates education investment even for some children with low aptitude. A redistributive policy to mitigate the distortion is proposed for each stage.