We analyze a two-period modell where risk-averse students divide their time between risky education, leisure, and work. The educated can migrate. Wagetax financed transfer to students acts as an insurance, and increases both investment in education and demand for leisure. We drive sufficient...

This volume addresses a variety of topics where economic concepts are intertwined with important legal and policy issues in North America and Europe. Five articles involve analyses of competition issues, including economic plus factors in price fixing cases, the impact of refusals to deal on...

This paper analyses levels of low literacy across twelve countries using the International Adult Literacy Survey. We go beyond existing work that only looks at the proportions below certain critical levels of literacy. Using methods developed for the measurement of poverty we calculate measures...

It is often observed that despite the famous prediction of Becker (1962) that firms will not pay for general training, German firms do in fact subsidize apprenticeship training. This paper examines two prominent solutions to this puzzle - "asymmetric information" and "mobility costs." Our tests...