We apply theories of capital market failure to analyze optimal financing of risky higher education. In the market solution, students can only finance their education through debt. There is underinvestment in human capital, because some students with socially profitable investments in human...

A tanulmány azt vizsgálja, hogyan alakult az egyes oktatási fokozatok egyéni és társadalmi megtérülési rátája, valamint az egyes végzettségek megszerzésének támogatottsága 1971ben, 1986ban és 1993ban. Az eredmények azt mutatják, hogy 1971 és 1993 között a...

Despite tremendous recent interest in the subject of student debt by both researchers and policymakers, little is known about how the distribution of college graduate debt has been evolving and what factors can explain it. We use National Postsecondary Student Aid Study data from 1990 through...

In an economy where graduate jobs are allocated by tournament, and some of the potential participants cannot borrow against their expected future earnings, the government can increase efficiency and ex ante equity by redistributing wealth or, if that is not possible, by borrowing wholesale and...

In an economy where graduate jobs are allocated by a matching tournament, and some of the potential participants cannot borrow against their expected future earnings, the government can increase efficiency and ex ante equity by redistributing wealth or, if that is not possible, by borrowing...

The effect of credit constraints on the dropout, graduate and slow finishing decisions of university students in Australia is studied. The Australian university system has institutions in place to resolve credit constraint issues, including an income contingent loan scheme and means tested...

This paper analyzes the effectiveness of three different types of education policies: tuition subsidies (broad based, merit based, and flat tuition), grant subsidies (broad based and merit based), and loan limit restrictions. We develop a quantitative theory of college within the context of...

The paper presents the GAMEO model. It is a dynamic microsimulation model which aims at analyse educational output. It develops a generational approach and put the stress on the ditribution of educational output differentiated by type an level of degree.

Una parte importante de la salud de una economía se refleja en la evolución de su mercado de trabajo. Conocer las variables que más afectan es fundamental para realizar un diagnóstico de la inserción laboral. Pese al amplio uso en las investigaciones sobre capital humano de los rendimientos...

This paper compares partial and general equilibrium effects of alternative financial aid policies intended to promote college participation. We build an overlapping generations life-cycle, heterogeneous-agent, incomplete-markets model with education, labor supply, and consumption/saving...