"In this paper, we compare subjective principal assessments of teachers to the traditional determinants of teacher compensation ŁV education and experience ŁV and another potential compensation mechanism -- value-added measures of teacher effectiveness based on student achievement gains. We...

In this paper, we consider a dynamic economy in which the agents in the economy are privately informed about their skills, which evolve stochastically over time in an arbitrary fashion. We consider an asset pricing equilibrium in which equilibrium quantities are constrained Pareto optimal. Under...