creates a more dynamic and uncertain environment, it not only increases the rewards to education and ability but also enhances … endogenously with technological change. If technology changes rapidly during the process of development, learning fosters the … intergenerational propagation of adaptive skills. In contrast, if technological progress is slow during development, the education of …

secondary education. To that end, I present a model in which investment in education is indivisible. Thus, if demand exceeds … supply at any level of education, allocation is carried out--at least in part--via test scores. The model highlights how the … effectiveness of educational standards in altering student performance depends on the college and secondary school education premia …

We present a public higher education model in which there exist indivisibilities in educational investment … devoted to public higher education. Moderate degrees of admission bias lower the share of resources devoted to public … education whereas higher levels of bias may have positive effects on public education supply. Thus, while lower screening biases …

We present a model of public higher education finance in which demand for educational services can exceed supply … because of direct or indirect discrimination--is required for allocation. We show how changes in the education premium affect … political support for affirmative action policies. When the education premium is relatively low, the matching efficiency gains …