The basis for the empirical research on earnings determination is the Mincer equation. Individuals are assumed to make schooling decisions by maximizing earnings. Leisure costs of schooling and labour supply are neglected which has some empirically implausible implications. This paper shows a...

We use a calibrated macroeconomic model to examine the different effects of university tuition and student loan policies aimed at improving access to public higher education. Student loans that condition repayment on future income substantially improve access. The significant fiscal cost of such...

"In recent years, some English critics have claimed that Damien Hirst and his fellow young British artists have made London the new center of the advanced art world. As Hirst reaches the age of 40, this paper uses auction results to measure the importance of the YBAs compared to their American...