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Financing Higher Education: A General Equilibrium Public Choice Approach

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  • JOHN CREEDY
  • PATRICK FRANCOIS

Abstract

A public choice approach is used to examine the level of a tax‐financed grant chosen by a cohort, allowing for a wide range of interdependencies, including the goverment's budget constraint The existence of an externality is necessary, but not sufficient, for support of a grant It is shown that a majority voting equilibrium exists. Comparative static analyses are carried out using a minimum of assumptions about the structure of the model An increase in government expenditure for non‐higher education purposes is associated with an increase in the preferred grant while an increase in private returns to education reduces the grant

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  • John Creedy & Patrick Francois, 1993. "Financing Higher Education: A General Equilibrium Public Choice Approach," The Economic Record, The Economic Society of Australia, vol. 69(1), pages 1-9, March.
    • Handle: RePEc:bla:ecorec:v:69:y:1993:i:1:p:1-9
    DOI: 10.1111/j.1475-4932.1993.tb01793.x
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    References listed on IDEAS

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    1. Creedy, John & Francois, Patrick, 1990. "Financing higher education and majority voting," Journal of Public Economics, Elsevier, vol. 43(2), pages 181-200, November.
    2. Chia, Tai-Tee, 1991. "Has the Value of a Degree Fallen? Cross-Sectional versus Time-Series Evidence," The Economic Record, The Economic Society of Australia, vol. 0(0), pages 41-52, Supplemen.
    3. Smyth, David J., 1991. "A model of quality changes in higher education," Journal of Economic Behavior & Organization, Elsevier, vol. 15(1), pages 151-157, January.
    4. Lovell, Michael C, 1978. "Spending for Education: The Exercise of Public Choice," The Review of Economics and Statistics, MIT Press, vol. 60(4), pages 487-495, November.
    5. Johnson, George E, 1984. "Subsidies for Higher Education," Journal of Labor Economics, University of Chicago Press, vol. 2(3), pages 303-318, July.
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    Cited by:

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