As the cost of education rises and student debt reaches new highs, more research has focused on financing the acquisition of human capital. Most research has had a positive focus, examining the effect of debt on student choices and outcomes. However, because education financing involves many...

We argue that South Korean families with children are today overinvesting in the level of education due to their high levels of expenditures on private after-school tutoring programs. This situation has evolved due to a combination of factors: a changing labor market, increasing housing and debt...

We develop a model of education where individuals face educational risk. Successfully entering the skilled labor sector depends on individual effort in education and public resources, but educational risk still causes (income) inequality. We show that an optimal public policy consists of...