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Scholarships or Student Loans? Subsidizing Higher Education in the Presence of Moral Hazard

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Author Info
ALESSANDRO CIGNO
ANNALISA LUPORINI

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Abstract

An income-contingent loan scheme can at best replicate the allocation brought about by a scholarship scheme financed by a graduate tax, and only on condition that there is nothing to stop the policy maker from using tuition fees as if they were taxes. If that is not possible, even the best loan scheme will exclude some well-qualified school leaver from university. Even if individual study effort is observable, but more so if it is not, it is not socially desirable that all students should specialize in the subjects that promise the highest graduate earnings. Copyright © 2009 Wiley Periodicals, Inc..

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-9779.2008.01397.x
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Article provided by Association for Public Economic Theory in its journal Journal of Public Economic Theory.

Volume (Year): 11 (2009)
Issue (Month): 1 (02)
Pages: 55-87
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Handle: RePEc:bla:jpbect:v:11:y:2009:i:1:p:55-87

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  1. Joan Rosselló, 2007. "Does a public university system avoid the stratification of public universities and the segregation of students?," DEA Working Papers 26, Universitat de les Illes Balears, Departament d'Economía Aplicada. [Downloadable!]
  2. Maria Racionero & Elena Del Rey, 2006. "Financing schemes for higher education," ANUCBE School of Economics Working Papers 2006-460, Australian National University, College of Business and Economics, School of Economics. [Downloadable!]
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This page was last updated on 2009-11-22.

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