Educational Choices, Subjective Expectations, and Credit Constraints
---- Acknowledgments ----
A first draft of this paper was presented at the CEMMAP conference "Measurement matters", London June 2007. We received valuable comments from that audience as well as from audiences in many subsequent seminars. We would like to thank Susan Parker for clarifying many data issues and Luigi Pistaferri and Vincenzo Di Maro for many discussions. Attanasio's research was financed by an ESRC professorial fellowship, RES -051-27-0135 . The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.