Predicting the impact of school finance and school choice policies is complicated in large part because of the multitude of household choices that are simultaneously influenced within a general equilibrium setting. Parents choose which neighborhoods in which school districts to reside in, which...

This paper develops a general equilibrium model of an economy that produces output using capital, labor and land as inputs. It further develops an approach that allows specific parameters in the model to be matched to data in such a way as to ensure that the model can replicate important...

While the issue of school finance has been studied extensively, relatively little effort has been devoted to understanding how school finance policies impact the nature of communities. This is peculiar in light of substantial evidence that public school quality, at least in the U.S., has much to...

This paper examines the role that insurance has played in dealing with terrorism before and after September 11, 2001, by focusing on the distinctive challenges associated with terrorism as a catastrophic risk. The Terrorism Risk Insurance Act of 2002 (TRIA) was passed by the U.S. Congress in...

This paper models the fertility decision of individuals who differ in their wage rate and their intensity of preferences for rearing children, and whose utility of having a child out of wedlock depends on the level of "social approval" associated with doing so. This social approval in turn is a...

Any system of primary and secondary schools involves explicit or implicit mechanisms that ration not only financial but also nonfinancial inputs into education production. This chapter focuses primarily on such mechanisms as they relate to the sorting of parents and children into schools and...

A CGE model is used to analyze the impact of public school financing on private school attendance. The common perception that public school finance centralization will necessarily lead to greater private school attendance is not correct in such a model--even when that centralization involves an...

This paper synthesizes some initial lessons from an emerging school finance literature that employs computational structural models to investigate different policy proposals. The advantage of such models lies in their ability to fully trace out the general equilibrium effects of policies within...