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By Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)

ISBN-10: 0521818737

ISBN-13: 9780521818735

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Extra resources for Advances in economics and econometrics, vol. 2

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That is, subject to no change in population growth, it ensures that there will be fewer skilled individuals in the following period. 58 57 58 Recall that we are assuming that constraints are unaffected by the change in sorting. The opposite signs on the two expressions create a sufficient condition for increased sorting to increase β. 2. 401 This discussion assumed that the j s remained invariant to the change in sorting. 60 Thus, whether the expression is concave or convex may itself depend on β.

This behavior, however, will not disrupt income stratification because effective marginal cost depends only on ability, and schools are sure to attract all types willing to pay more than effective marginal cost. In their working paper (1999), Epple and Romano show that for a Cobb–Douglas specification of utilty U = (yt − p)a(q, b), the equilibrium yields stratification by ability. See Epple and Romano (1998) for a fuller discussion. 28 Fern´andez that the marginal increment in expenditure required to increase a given score is decreasing in ability.

And R. Romano (1996), “Ends Against the Middle: Determining Public Service Provision when There Are Private Alternatives,” Journal of Public Economics, 62, 297–325. Epple, D. and R. Romano (1998), “Competition Between Private and Public Schools, Vouchers, and Peer-Group Effects,” American Economic Review, 88(1), 33–62. Epple, D. and R.

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Advances in economics and econometrics, vol. 2 by Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)

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