This paper develops a public education scheme that takes uncertainty aspects of private educational investments explicitly into account. In the author’s framework, the social merits of public education schemes are related to the lack of markets in which students can insure against educational...

This paper examines the extent to which conclusions of cross-country studies of private savings are robust to allowing for the possible heterogeneity of savings behavior across countries and the inclusion of dynamics. It shows that neglecting heterogeneity and dynamics can lead to misleading...

Die Lebensprobleme Jugendlicher, vor allem ihre komplizierte Ausbildungs- und Arbeitsmarktsituation werden zunehmend wahrgenommen. Für viele Jugendliche führt die Arbeitsmarktsituation oft zu schwer lösbaren Fragen; sie sind verbunden mit den Problemen der Bildung und Ausbildung, aber auch...

This paper uses a simple model to analyze the forces that determine the size of the public sector and the quality of workers employed in that sector. Workers are heterogeneous, and the public sector chooses an employment strategy that maximizes a social welfare function U(s, Y) that depends on...