This paper resolves the impacts of the deregulation of the household registration on the economic condition and the educational investment decision of the family into two parts: one part improves family members to adjust the allocation of time, thus increasing the family income; and the other promotes the farmers’ expected benefits of the educational investment. Then on the basis of designing a family’s two-stage production and consumption model, with the aim of maximizing of the utility of the family, this paper combines different credit conditions and discusses the impacts of the above two changes on farmers’ educational investment behaviors. At the end, the paper aggregates a series of conclusions on total investment in education and the changes of family’s welfare, and then suggests the direction of further research.
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