Gallice, Andrea; Grillo, Edoardo - Collegio Carlo Alberto, Università degli Studi di Torino - 2015
We consider a model in which educational investments entail productivity gains, signaling power, and social returns. The latter depend on the relative position the agent occupies in one of three di¤erent dimensions: (i) his innate characteristics, (ii) his level of schooling, and (iii) his...