I develop a model in which individual time discount rates have a larger eect on hu- man capital accumulation when credit constraints are binding. Impatient individuals obtain less schooling when borrowing constraints limit the ability to nance consump- tion during school. Using data from the...

We study the eect of state-level merit aid programs (such as Georgia's HOPE scholarship) on alcohol consumption among college students. Such programs have the potential to affect drinking by (1) raising students' disposable income and (2) increasing the incentive to maintain a minimum GPA in...