This paper considers how optimal education and tax policy depends on the risk properties of human capital. It is … positive or a negative education premium. In the same model a positive intertemporal wedge is optimal. A set of generalizations …, including non-observability of education, non-observability of consumption, and temporal resolution of uncertainty, are then …

In this model of education, where individuals are exposed both to educational risk and to wage risk within the skilled … enhancing the quality of education. The necessary expenditures are optimally financed by regressive tuition fees and the net …

The perpetual inventory method used for the construction of education data per country leads to systematic measurement … education level between census data and observations constructed from enrolment data. We discuss a methodology for correcting …

for both the public pay-as-you-go pension scheme and the public education system. Without labor mobility, each generation … a popular belief that increasing labor mobility decreases the incentives to finance the education of the subsequent …

-aged owning land may gain by providing public education even when they cannot tax the young. This requires that labor is not … mobile. Furthermore, establishing public education may benefit only the generation which pays for education twice, first for …