Fertility, Private Educational Expenditures and Public Educational Policies

当孩子们选择他们的教育投资，并由他们和父母分担成本时，教育投资可能会过度，除非家庭流动性严重受限。当父母选择孩子的教育投资并支付其成本时，对孩子的需求不足和对教育的过度投资同时出现。虽然公共提供的教育弥补了这种低效率，但学费补贴可能相当有害。

When children choose their educational investment and its cost is shared between them and their parents, educational investment may be excessive unless the family is profoundly liquidity-constrained. When parents choose their children's educational investment and pay its cost, insufficient demand for children and over-investment in education simultaneously arise. While public provision of education remedies this inefficiency, tuition subsidies may be rather harmful.