The study looked at how borrowing limits affect people's well-being in a model where parents help their kids financially. It found that when kids can't borrow money, overall welfare is higher. This is because limits on borrowing make kids save more and parents give more money, which is better for everyone. However, these limits can also reduce spending on education, lowering the total amount of knowledge in society. But, they also increase savings, which is good for the economy. Overall, the positive effects of borrowing limits on welfare are stronger when prices can change.