NDLI: Inequality in Human Capital and Endogenous Credit Constraints

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Inequality in Human Capital and Endogenous Credit Constraints

Content Provider	Scilit
Author	Hai, Rong Heckman, James J.
Copyright Year	2017
Description	Journal: SSRN Electronic Journal This paper studies the determinants of inequality in human capital with particular emphasis on the role of the credit constraints. We develop and estimate a model in which individuals are subject to uninsured human capital risks and invest in education, acquire work experience, accumulate assets, and smooth consumption. Agents can borrow up to a model-determined limit, which we explicitly derive from a private lending market natural borrowing limit and government student loan programs. We also quantify the effects of cognitive ability, noncognitive ability, parental education, and parental wealth on educational attainment, work experience, and consumption. We conduct counterfactual experiments with respect to tuition subsidy and enhanced student loan limits and evaluate their effects on educational attainment and inequality.
Related Links	http://www.nber.org/papers/w22999.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=2757881
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.2757881
Journal	SSRN Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2017-01-11
Access Restriction	Open
Subject Keyword	Journal: SSRN Electronic Journal Industrial Relations Human Capital Credit Constraints
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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