The paper constructs a theoretical framework in which the value of information in general equilibrium is determined by the interaction of two opposing mechanisms: first, more information about future random events leads to better individual decisions and, therefore, higher welfare. This is the...

Abstract Recently, researchers have started to re-examine the so-called Atkinson-Stiglitz theorem on optimal commodity taxation. The essence of such research is to examine whether or not it is optimal to distort markets other than the labor market for achieving the second-best resource...

Summary Recent studies on international student performance renewed the interest in the contribution of human capital to economic growth. So far the exploration of large country comparisons delivered rather mixed results. Concentrating on OECD member countries, this paper uses panel data...