system resources. The model is rich, yet sufficiently stylized to provide novel implications. We can show, for example, that … through school resources. In this way we provide a rationale for the ambiguous existing empirical evidence on the effect of … school resources. We also provide a novel microfoundation for peer effects, with empirical implications on welfare and on …

recent Review of Australian Higher Education (2008). Specifically, it seems to be the case that many students are able to …

supply responses to tax policy can explain differences in aggregate labour supply and years of education across countries. …

It is well known that higher education financing involves uncertainty and risk with respect to students’ future … education. The historically most common response to this market failure — a government guarantee to repay student loans to banks …

’s future income proportionally at all levels of education, leaving the relative return between quality and quantity unaffected …. This result is consistent with historical evidence that longevity began to increase long before education did. Our theory … also casts doubts on recent findings about a positive effect of health on education. This is because health raises the …