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Arts vs Engineering: The Choice among Consumption of and Investment in Education

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  • R. Romano
  • A. Tampieri

Abstract

In this paper we develop a model in which students choose their university coursework based on both investment and consumption incentives. We show that these education decisions are socially inefficient. This result is driven by the fact that students do not consider an externality in the working environment of acquiring education for investment purposes. We show when and how it is possible to design tuition fees in such a way that students acquire the socially optimal level of education.

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File URL: http://www2.dse.unibo.it/wp/WP892.pdf
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Bibliographic Info

Paper provided by Dipartimento Scienze Economiche, Universita' di Bologna in its series Working Papers with number wp892.

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Date of creation: Jul 2013
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Handle: RePEc:bol:bodewp:wp892

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  1. McMahon, Walter W, 1976. "Influences on Investment by Blacks in Higher Education," American Economic Review, American Economic Association, vol. 66(2), pages 320-23, May.
  2. Jo Blanden & Stephen Machin, 2013. "Educational Inequality and The Expansion of UK Higher Education," Scottish Journal of Political Economy, Scottish Economic Society, vol. 60(5), pages 578-596, November.
  3. Shintaro Yamaguchi, 2011. "Tasks and Heterogeneous Human Capital," Department of Economics Working Papers 2011-06, McMaster University.
  4. Carneiro, Pedro & Heckman, James J., 2003. "Human Capital Policy," IZA Discussion Papers 821, Institute for the Study of Labor (IZA).
  5. Benabou, Roland, 1996. "Heterogeneity, Stratification, and Growth: Macroeconomic Implications of Community Structure and School Finance," American Economic Review, American Economic Association, vol. 86(3), pages 584-609, June.
  6. Francesco Vona, 2011. "Does the Expansion of Higher Education Reduce Educational Inequality? Evidence from 12 European Countries," Documents de Travail de l'OFCE 2011-12, Observatoire Francais des Conjonctures Economiques (OFCE).
  7. Panzar, John C & Willig, Robert D, 1976. "Vindication of a "Common Mistake" in Welfare Economics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1361-63, December.
  8. Hearn, James C., 1988. "Attendance at higher-cost colleges: Ascribed, socioeconomic, and academic influences on student enrollment patterns," Economics of Education Review, Elsevier, vol. 7(1), pages 65-76, February.
  9. Carl Sanders & Christopher Taber, 2012. "Life-Cycle Wage Growth and Heterogeneous Human Capital," Annual Review of Economics, Annual Reviews, vol. 4(1), pages 399-425, 07.
  10. Stephen V. Cameron & James J. Heckman, 2001. "The Dynamics of Educational Attainment for Black, Hispanic, and White Males," Journal of Political Economy, University of Chicago Press, vol. 109(3), pages 455-499, June.
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