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Puce Christian Belzil (ENSAE)

mardi 03 mai 2016

"Estimating the Value of Higher Education Financial Aid: Evidence from a Field Experiment" [PDF]
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Abstract : Using data from a Canadian field experiment designed to quantify financial and behavioural barriers to higher education, we estimate the value of financial aid for prospective students and relate it to parental socio-economic background, individual skills, risk and time preferences. Consistent with the existence of credit constraints affecting a majority of prospective students, we find that the median agent would trade a one period increase in current consumption corresponding to 6% of the principal for a $1,000 loan at the market interest rate. The median agent would pay $400 to obtain a $1,000 reduction in tuition.