--and potentially more important--all students, even the more highly motivated ones, respond to lower tuition levels by decreasing their …-subsidy, low-tuition policies have both disincentive effects on students' study time and adverse effects on human capital …

’s income. Incentive contracts of sufficient yet modest convexity are shown to result in an indeterminate general equilibrium …

Empirical evidence suggests a positive association between income levels and growth rates on the one hand, and …

This paper analyzes the effect of school vouchers on student sorting--defined as a flight to private schools by high-income … and committed public-school students--and whether vouchers can be designed to reduce or eliminate it. Much of the existing … literature investigates sorting in cases where private schools can screen students. However, publicly funded U.S. voucher …

individual income data and assume that agents have to consume their endowment. I find that the model does not pass the Hansen and … Jagannathan test even for very volatile idiosyncratic income data. …

were associated with a significant decline in bank lending that led to a permanent reduction in real county income of about …