The aim of this paper is to analyze, using a hierarchical linear model, the degree to which a system of choice, as the one implemented in Chile since the beginning of the 80’s, can promote student achievement and equity in the social distribution of achievement. Using data from a...

The social and academic reputation of private universities in Japan is generally far behind the national universities. We argue that heavy subsidy and the low tuition of national universities determined by the central government are both responsible for making the production of high academic...

This paper examines the effects of inter-school competition on student outcomes by using exogenous variation in the availability of private schools in Chile. Given that naïve estimates of the effects of competition on student outcomes are biased by endogenous entry of schools, this paper uses...

In this paper, we show that when the government is able to transfer wealth between generations, regressive policies are no longer optimal. The optimal educational policy can be decentralized through appropriate Pigouvian taxes and credit provision, is not regressive, and provides equality of...

This paper studies the costs and benefits of a mixed educational regime in which tax-financed public schools and tuition-financed private schools coexist. In the model, households are not allowed to borrow for education, but have a choice to educate their children in a public or a private...

In this paper we study the question of debt sustainability from a risk management perspective. The debt accumulation equation for any country involves variables that are stochastic and closely intertwined. When these aspects are taken into consideration the notion of debt sustainability is...

Human capital plays an important role in the theory of economic growth, but it has been difficult to measure this abstract concept. We survey the psychological literature on cross-cultural IQ tests, and conclude that modern intelligence tests are well-suited for measuring an important form of a...