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Human Capital Contracts in Chile: An Exercise Based on Income Data on chilean HE Graduates

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  • Felipe Andrés Lozano-Rojas

Abstract

Given that a significant proportion of the Chilean education system is financed with household resources, we present human capital contracts (HCC) as an option for higher education financing for students facing financial constraints, but who could use their expected future income flows as collateral. We analyze the feasibility of HCC implementation in Chile over a set of college majors. We find that HCC can partially fund any college major in Chile and finance some majors completely, under certain conditions. Among the variables analyzed, those affecting most severely the contract pricing are initial wage level after graduation and graduation rate.

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Bibliographic Info

Article provided by Instituto de Economía. Pontificia Universidad Católica de Chile. in its journal Latin American Journal of Economics-formerly Cuadernos de Economía.

Volume (Year): 49 (2012)
Issue (Month): 2 (November)
Pages: 185-215

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Handle: RePEc:ioe:cuadec:v:49:y:2012:i:2:p:185-215

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Keywords: Higher education returns; education financing; human capital; contracts; human capital earning functions; income contingent schemes;

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  1. Jacob A. Mincer, 1974. "Schooling, Experience, and Earnings," NBER Books, National Bureau of Economic Research, Inc, number minc74-1, May.
  2. Claudio Sapelli., 2009. "Los Retornos a la Educación en Chile: Estimaciones por Corte Transversal y por Cohortes," Documentos de Trabajo 349, Instituto de Economia. Pontificia Universidad Católica de Chile..
  3. Charlotte Christiansen & Juanna Schröter Joensen, 2006. "The Risk-Return Trade-Off in Human Capital Investment," Economics Working Papers 2006-02, School of Economics and Management, University of Aarhus.
  4. Chapman, Bruce, 2006. "Income Contingent Loans for Higher Education: International Reforms," Handbook of the Economics of Education, Elsevier.
  5. Carlos Felipe Prada, 2006. "¿Es rentable la decisión de estudiar en Colombia?," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE.
  6. Paula Giovagnoli & Georgina Pizzolitto & Julieta Trías, 2005. "Monitoring the Socio-Economic Conditions in Chile," CEDLAS, Working Papers 0019, CEDLAS, Universidad Nacional de La Plata.
  7. Jacob A. Mincer, 1974. "Introduction to "Schooling, Experience, and Earnings"," NBER Chapters, in: Schooling, Experience, and Earnings, pages 1-4 National Bureau of Economic Research, Inc.
  8. V. Vandenberghe & O. Debande, 2007. "Deferred and Income-contingent Tuition Fees: An Empirical Assessment using Belgian, German and UK Data," Education Economics, Taylor & Francis Journals, vol. 15(4), pages 421-440.
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