Micro-Household Human Capital Investment Decisions and a Simulation Study from the Intergenerational Conflict Perspective
Abstract
:1. Introduction
2. Literature Review
3. Data Variables and Methods
3.1. Data
3.2. Variables and Descriptions
3.2.1. Dependent Variable
3.2.2. Independent Variables
3.2.3. Control Variables
3.2.4. Descriptive Statistics
3.3. Methods
3.3.1. Regression Analysis
3.3.2. Multi-Agent Simulation Model
4. Empirical Results
4.1. The Impacts of Old Age Burden and Childcare Stress on Household Educational Expenditures
4.2. Robustness Tests
4.3. Heterogeneity Analysis
4.4. The Simulation Model and Implementation of Family Educational Investment Decisions
4.5. Simulation Implementation of Household Educational Investment Decisions under Income Differences
5. Discussion
6. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Acknowledgments
Conflicts of Interest
Abbreviations
China Family Panel Studies | CFPS |
China Social Science Survey Center | ISS |
Multi-Agent System | MAS |
References
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Variable | Description | Mean | SD | Min. | Max. |
---|---|---|---|---|---|
Dependent variable | |||||
Education | Total family educational expenses (in Chinese yuan) | 5744.549 | 7548.048 | 0 | 80,000 |
P_education | Educational expenses per capita (in Chinese yuan) | 1079.660 | 1433.175 | 0 | 17,500 |
Non-compulsory education | Family educational expenses except for compulsory education (in Chinese yuan) | 1044.042 | 4022.227 | 0 | 104,000 |
Independent variables | |||||
Ratio_60 | Number of people over age 60 in the household as a proportion of the total number of people in the household | 0.298 | 0.090 | 0.083 | 0.500 |
Ratio_19 | Number of adolescents under age 19 in the household as a proportion of the total number of persons in the household | 0.310 | 0.095 | 0.200 | 0.750 |
Num_60 | Number of people over age 60 in the household | 1.605 | 0.489 | 1 | 2 |
Num_19 | Number of adolescents under age 19 in the household | 1.730 | 0.732 | 1 | 6 |
Household-level control variables | |||||
Urban | Urban = 1, rural = 0 | 0.429 | 0.495 | 0 | 1 |
Familysize | Total number of families | 4.940 | 1.057 | 2 | 10 |
Ratio_insurance | Number of people in the household with pension insurance as a proportion of the total number of people in the household | 0.218 | 0.161 | 0 | 0.800 |
Income | Annual net household income (in Chinese yuan) | 68,735.747 | 41,786.592 | 14,360 | 224,000 |
Asset | Household net worth (in Chinese yuan) | 442,980.393 | 412,573.785 | 59,950 | 2216,250 |
Head of household-level control variables | |||||
Age | Age of the head of household | 50.311 | 13.567 | 25 | 81 |
Age_aq | Square of the age of the head of household | 2715.246 | 1405.580 | 625 | 6561 |
Gender | Male = 1, female = 0 | 0.552 | 0.497 | 0 | 1 |
Eduy | Head of household’s years of education | 7.211 | 4.237 | 0 | 19 |
Provincial macro-level control variables | |||||
Public education | The education expenditure component of local general public budget expenditures, taking the logarithm (in Chinese million yuan) | 15.859 | 0.559 | 14.172 | 17.050 |
PCDI | Per capita disposable income of all residents by province (in Chinese yuan) | 21,843.407 | 7850.256 | 12,184.700 | 64,182.602 |
Service | Number of community service institutions and facilities for older adults by province | 1201.616 | 736.876 | 212 | 3409 |
(1-1) | (1-2) | (1-3) | (1-4) | |
---|---|---|---|---|
Education | Education | Education | Education | |
Independent variables | ||||
Ratio_60 | −6454.839 *** (931.930) | −4631.999 *** (1168.306) | −4719.331 *** (1163.702) | −4403.619 *** (1160.648) |
Ratio_19 | −7093.002 *** (999.371) | −3305.775 *** (1079.626) | −2672.285 ** (1045.572) | −2877.578 *** (1051.063) |
Household-level control variables | ||||
Urban | — | 298.021 ** (127.934) | 202.056 (124.761) | 207.035 * (125.489) |
Familysize | — | 568.653 *** (115.453) | 567.868 *** (115.497) | 551.937 *** (114.982) |
Ratio_insurance | — | 1996.202 *** (557.168) | 2024.486 *** (557.089) | 1500.791 *** (561.014) |
Income | — | 0.002 (0.001) | 0.002 (0.001) | 0.002 (0.001) |
Asset | — | 0.001 *** (0.000) | 0.001 *** (0.000) | 0.001 *** (0.000) |
Head-of-household-level control variables | ||||
Age | — | 109.070 * (63.909) | 104.469 (63.705) | 105.596 * (63.436) |
Age_aq | — | −0.683(0.639) | −0.672 (0.637) | −0.680 (0.634) |
Gender | — | −1190.351 *** (248.047) | −1029.026 *** (251.978) | −1034.739 *** (250.929) |
Eduy | — | 267.277 *** (31.977) | 249.711 *** (30.649) | 251.462 *** (30.559) |
Province-level control variables | ||||
Public education | — | — | −493.661 (342.991) | −1173.016 *** (339.348) |
PCDI | — | — | 0.087 *** (0.029) | 0.070 ** (0.030) |
Service | — | — | 0.338 * (0.175) | 0.846 *** (0.189) |
_cons | 10,320.525 *** (515.635) | −483.629 (1814.690) | 5231.304 (5036.530) | 7587.611 (5029.501) |
Family fixed effects | Controlled | Controlled | Controlled | Controlled |
Year fixed effects | Uncontrolled | Uncontrolled | Uncontrolled | Controlled |
Number of Obs. | 5677 | 5677 | 5677 | 5677 |
(2-1) | (2-2) | (2-3) | (2-4) | |
---|---|---|---|---|
Non-Compulsory Education | P_Education | Education | Education | |
Independent variables | ||||
Ratio_60 | −4060.958 * (2251.026) | −1399.912 *** (230.323) | — | −7032.387 *** (2377.285) |
Ratio_19 | −3208.673 * (2148.663) | −402.525 * (215.364) | — | −4555.578 ** (2217.509) |
Num_60 | — | — | −1184.210 *** (298.014) | — |
Num_19 | — | — | −382.315 * (239.358) | — |
Household-level control variables | ||||
Urban | 1237.493 *** (303.117) | 46.003 (30.354) | 197.548 (160.921) | 138.102 (301.136) |
Familysize | 455.416 ** (222.950) | −63.502 *** (23.090) | 1077.199 *** (169.752) | 631.735 *** (225.757) |
Ratio_insurance | 4630.436 *** (1323.059) | 284.356 ** (120.796) | 2093.469 *** (639.491) | 2678.572 (1635.577) |
Income | 0.002 * (0.001) | 0.000 *** (0.000) | 0.002 *** (0.001) | −0.000 (0.001) |
Asset | 0.001 *** (0.000) | 0.000 *** (0.000) | 0.001 *** (0.000) | 0.001 *** (0.000) |
Head-of-household-level control variables | ||||
Age | 213.684 * (126.050) | 27.333 ** (12.737) | 104.585 (67.488) | 10.201 (118.755) |
Age_aq | −1.441 (1.216) | −0.204 * (0.123) | −0.651 (0.653) | 0.392 (1.156) |
Gender | −1669.062 *** (443.830) | −225.619 *** (47.111) | −1040.677 *** (249.715) | −1543.565 *** (462.283) |
Eduy | 457.630 *** (55.744) | 54.594 *** (5.793) | 256.992 *** (30.733) | 211.428 *** (57.124) |
Province-level control variables | ||||
Public education | −1760.508 *** (543.749) | −227.808 *** (59.430) | −523.749 * (314.907) | −1913.525 *** (614.652) |
PCDI | 0.172 *** (0.025) | 0.022 *** (0.003) | 0.090 *** (0.016) | 0.129 *** (0.029) |
Service | 1.578 *** (0.369) | 0.120 *** (0.039) | 0.353 * (0.208) | 1.053 ** (0.462) |
_cons | 1989.991 (8623.174) | 3698.398 *** (922.275) | 3140.145 (4897.710) | 29,787.003 *** (9523.310) |
Family fixed effects | Controlled | Controlled | Controlled | Uncontrolled |
Year fixed effects | Controlled | Controlled | Controlled | Uncontrolled |
Number of Obs. | 5677 | 5677 | 5677 | 1860 |
(3-1) | (3-2) | (3-3) | (3-4) | (3-5) | (3-6) | (3-7) | |
---|---|---|---|---|---|---|---|
Education | Education | Education | Education | Education | Education | Education | |
Independent variables | |||||||
Ratio_60 | −7277.258 *** (1678.098) | −5651.452 ** (2295.341) | −4719.728 *** (1581.741) | −6120.201 *** (1965.339) | −4653.414 *** (1445.953) | −5364.245 *** (1123.091) | −4623.383 * (2799.458) |
Ratio_19 | −3189.253 ** (1273.060) | 1471.153 (2290.998) | 2607.450 * (1512.793) | −4837.957 *** (1612.468) | −2158.799 * (1249.236) | −2159.367 ** (992.380) | 2167.635 (3072.802) |
Household-level control variables | |||||||
Urban | — | — | 176.759 (204.826) | 277.680 (242.103) | −86.188 (226.642) | −114.621 (159.440) | 599.870 * (339.827) |
Familysize | 261.579 *** (95.246) | 736.392 *** (217.125) | 307.940 * (161.294) | 805.274 *** (169.285) | 339.675 ** (146.830) | 382.408 *** (110.745) | 557.204 *** (175.740) |
Ratio_insurance | 1487.787 ** (736.804) | 1675.200 (1304.740) | 984.031 (935.138) | 1447.649 (1165.606) | 2342.202 ** (970.234) | 1360.221 ** (620.188) | 2211.310 (1714.388) |
Income | −0.000 (0.001) | 0.003 *** (0.001) | 0.006 *** (0.001) | 0.001 (0.001) | 0.027 * (0.014) | 0.016 *** (0.006) | 0.000 (0.001) |
Asset | 0.000 *** (0.000) | 0.001 *** (0.000) | 0.001 *** (0.000) | 0.001 *** (0.000) | 0.000 (0.000) | 0.000 (0.000) | 0.001 *** (0.000) |
Head-of-household-level control variables | |||||||
Age | 130.521 * (75.083) | 36.901 (126.888) | 128.740 (111.787) | 245.486 ** (96.458) | 193.523 ** (81.691) | 210.071 *** (59.973) | −194.096 (171.715) |
Age_aq | −1.039 (0.728) | −0.013 (1.221) | −1.140 (1.145) | −1.872 ** (0.900) | −1.739 ** (0.782) | −1.823 *** (0.581) | 2.330 (1.656) |
Gender | −488.846 (299.560) | −1495.704 *** (428.327) | −1100.436 *** (322.691) | −1094.097 *** (370.841) | −837.693 *** (320.684) | −650.066 *** (234.156) | −1545.392 *** (572.001) |
Eduy | 188.249 *** (36.993) | 332.552 *** (54.776) | 177.948 *** (39.632) | 337.101 *** (45.859) | 118.036 *** (39.508) | 128.513 *** (29.505) | 360.374 *** (74.914) |
Province-level control variables | |||||||
Public education | −734.997 * (401.636) | −714.953 (527.223) | −304.471 (408.042) | −866.868 * (467.067) | −336.638 (462.317) | −517.632 * (311.519) | −617.549 (735.962) |
PCDI | 0.148 *** (0.026) | 0.066 *** (0.023) | 0.066 *** (0.022) | 0.099 *** (0.023) | 0.136 *** (0.038) | 0.077 *** (0.022) | 0.024 (0.029) |
Service | 0.205 (0.239) | 0.704 * (0.379) | 0.408 (0.262) | 0.427 (0.318) | 0.110 (0.244) | 0.271 (0.184) | 0.934 * (0.557) |
_cons | 10,044.435 * (6096.454) | 8136.241 (8431.386) | 1847.861 (6528.137) | 7186.261 (7293.011) | 1305.110 (6898.770) | 4738.570 (4732.635) | 12,514.016 (11,700.305) |
Family fixed effects | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled |
Year fixed effects | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled |
Number of Obs. | 3241 | 2436 | 2408 | 3269 | 1892 | 1892 | 1893 |
Variable | Description | Range of Values |
---|---|---|
Household | ||
Num. of family | Number of simulated households | (0, 500] |
Urban | Urban and rural classification | Urban = 1, Rural = 0 |
Income | Household income (in Chinese yuan) | [14,360, 224,000] |
Asset | Household net worth (in Chinese yuan) | [59,950, 2,216,250] |
Householders | Head of household’s gender | Male = 1, Female = 0 |
Edu. | Household educational expenditures (in Chinese yuan) | The simulation results yield |
Older adults | ||
Num. of older | Number of older adults generated by the household | 1 and 2 |
Age | Age | [60, 100] |
Gender | Gender | Male = 1, Female = 0 |
Eduy | Years of education | [0, 16] |
Insurance | Whether participating in pension insurance | Yes = 1, No = 0 |
Intermediate-generation parents | ||
Num. of adults | Number of adult parents in the family | 2 |
Age | Age | [20, 60] |
Gender | Gender | Male = 1, Female = 0 |
Eduy | Years of education | [0, 19] |
Insurance | Whether participating in pension insurance | Yes = 1, No = 0 |
Youth | ||
Num. of youth | Number of youths in the family | [0, 10] |
Fid | #/Older Adults | #/Youth | Urban | Income | Asset | Head of Household’s Age | Head of Household’s Gender | Head of Household’s Years of Education | Education |
---|---|---|---|---|---|---|---|---|---|
(51,46) | 2 | 2 | 0 | 218,971 | 2,200,992 | 44 | 0 | 7 | 9694 |
(80,72) | 2 | 2 | 1 | 71,138 | 2,202,714 | 35 | 1 | 1 | 8108 |
(41,43) | 1 | 5 | 0 | 121,412 | 2,147,963 | 40 | 1 | 13 | 9552 |
(49,66) | 1 | 2 | 1 | 50,593 | 1,996,950 | 28 | 0 | 17 | 10,340 |
(77,71) | 2 | 1 | 1 | 158,667 | 917,677 | 51 | 0 | 0 | 8889 |
(74,69) | 1 | 3 | 0 | 67,066 | 522,317 | 36 | 1 | 1 | 4833 |
Variable | Range of Values |
---|---|
Household | |
Urban | Values are 0, based on the majority of Urban in Table 1 |
Income | Values range from 20,000–75,000 in increments of 5000 (in Chinese yuan) |
Asset | The average value of Asset in the case of Urban = 0 and Gender = 1 in Table 1 is 351,980 (in Chinese yuan) |
Edu. | When Income is in the range of low-income households in Table 4 (3-5), household investments are determined based on the regression results in (3-5); when it is in the range of middle-income households in Table 4 (3-6), household investments are determined based on the regression results in (3-6) (in Chinese yuan) |
Head of household | |
Gender | Values are 1, based on the majority of Gender in Table 1 |
Age | The average value of Age in the case of Urban = 0 and Gender = 1 in Table 1 is 54 |
Eduy | The average value of Eduy in the case of Urban = 0 and Gender = 1 in Table 1 is 7 |
Family members | |
Num. of older | The values are 0 and 1 |
Num. of youth | The number of children in 95% of the families in Table 1 is the upper limit, and the value increases, from 1 to 3 |
Num. of adults | The values are 2 |
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Lu, Q.; Hua, J. Micro-Household Human Capital Investment Decisions and a Simulation Study from the Intergenerational Conflict Perspective. Int. J. Environ. Res. Public Health 2023, 20, 1696. https://doi.org/10.3390/ijerph20031696
Lu Q, Hua J. Micro-Household Human Capital Investment Decisions and a Simulation Study from the Intergenerational Conflict Perspective. International Journal of Environmental Research and Public Health. 2023; 20(3):1696. https://doi.org/10.3390/ijerph20031696
Chicago/Turabian StyleLu, Qiling, and Jing Hua. 2023. "Micro-Household Human Capital Investment Decisions and a Simulation Study from the Intergenerational Conflict Perspective" International Journal of Environmental Research and Public Health 20, no. 3: 1696. https://doi.org/10.3390/ijerph20031696