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Risk, Resources, and Education: Public Versus Private Financing of Higher Education
Robert K. Von Weizsäcker Technical University of Munich - Department of Economics; National Bureau of Economic Research (NBER) Berthold U. Wigger University of Mannheim - Department of Economics; CESifo (Center for Economic Studies and Ifo Institute for Economic Research) December 1999 IMF Working Paper No. 99/174 Abstract: 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 risks. A case is made for tuition fees that depend on the expected returns of investments in education. The consideration of uncertainty provides a neglected link between educational choice, resource endowment, and productivity growth, which may serve to redefine the public role of education financing.
Keywords: Public education, tuition fees, choice under uncertainty JEL Classifications: H52, I22, D81 Working Paper SeriesDate posted: February 14, 2006 ; Last revised: February 14, 2006Suggested CitationContact Information
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