Opportunity unraveled: Private information and the missing markets for financing human capital (Record no. 527839)
[ view plain ]
| 000 -LEADER | |
|---|---|
| fixed length control field | 01463nam a22001577a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION | |
| fixed length control field | 240927b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Herbst, Daniel and Hendren, Nathaniel |
| 245 ## - TITLE STATEMENT | |
| Title | Opportunity unraveled: Private information and the missing markets for financing human capital |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) | |
| Place of publication, distribution, etc | The American Economic Review |
| 300 ## - PHYSICAL DESCRIPTION | |
| Extent | 114(7), Jul, 2024: p.2024-2072 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc | We examine whether adverse selection has unraveled private markets for equity and state-contingent debt contracts for financing higher education. Using survey data on beliefs, we show a typical college-goer would have to repay $1.64 in present value for every $1 of financing to overcome adverse selection in an equity market. We find that risk-averse college-goers are not willing to accept these terms, so markets unravel. We discuss why moral hazard, biased beliefs, and outside credit options are less likely to explain the absence of these markets. We quantify the welfare gains for subsidizing equity-like contracts that mitigate college-going risks.- Reproduced https://www.aeaweb.org/articles?id=10.1257/aer.20211653 |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Economics, Higher Education Financing, Adverse Selection, Equity Contracts, State-Contingent Debt, Risk Aversion, Moral Hazard, Biased Beliefs, Credit Options, Welfare Gains, Subsidies, Behavioral Economics, Education Finance |
| 9 (RLIN) | 58667 |
| 773 ## - HOST ITEM ENTRY | |
| Main entry heading | The American Economic Review |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) | |
| Subject DIP | ECONOMICS |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) | |
| Item type | Articles |
| Withdrawn status | Lost status | Source of classification or shelving scheme | Damaged status | Not for loan | Permanent location | Current location | Date acquired | Serial Enumeration / chronology | Barcode | Date last seen | Koha item type |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Indian Institute of Public Administration | Indian Institute of Public Administration | 2024-09-27 | 114(7), Jul, 2024: p.2024-2072 | AR133272 | 2024-09-27 | Articles |