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...

On average across 15 OECD countries, a 30-year-old male tertiary graduate can expect to live another 51 years, while a 30 year-old man who has not completed upper secondary education can expect to live an additional 43 years. A similar comparison between women in the two educational groups...

Education is the key to economic, social and environmental progress, and governments around the world are looking to improve their education systems. The future of education in the 21st century is not simply about reaching more people, but about improving the quality and diversity of educational...

In most school systems, over 50% of 15-year-olds students attend schools that compete with another school to attract students from the same residential area. Across countries and economies, performance is unrelated to whether or not schools have to compete for students. When choosing a school...