Cost and Risk Sharing in Higher Education
نویسنده
چکیده
This paper develops and structurally estimates a life cycle model of optimal college investment with risk in degree completion and labor earnings. I argue that low income children’s stronger precautionary saving motive, which is due to their parents’ inferior capacity to insure them against college investment risk, impedes their college attendance. I construct a dynamic non-cooperative game to examine two generations’ incentive problems and endogenize parental transfers. My empirical analyses highlight the importance of sequential parental transfers over children’s life cycle. One main conclusion from my counterfactual experiments is that incorporating risk mitigation elements into student loan repayment scheme can significantly promote college enrollment.
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