This paper develops a public education scheme that takes uncertainty aspects of private educational investments explicitly into account. In the author’s framework, the social merits of public education schemes are related to the lack of markets in which students can insure against educational...

This paper assesses the efficiency of education expenditure in Portugal and delineates a possible agenda for reform. Portugal’s low educational performance has coincided with the highest level of primary and secondary education expenditure to GDP in the Organization for Economic Cooperation...

Most of the seven major industrial countries are now experiencing significant changes in their demographic structure. A persistent pattern of declining fertility and improving life expectancy has created major segments of the population that are already relatively aged or will become so in the...