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Education, Utilitarianism, and Equality of Opportunity

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  • Villar Notario Antonio

    ()
    (PABLO DE OLAVIDE UNIVERSITY ANDIVIE)

  • Calo-Blanco Aitor

    ()
    (UNIVERSITY OF ALICANTE PABLO DE OLAVIDE UNIVERSITY VALENCIAN ECONOMIC RESEARCH INSTITUTE (Ivie))

Abstract

We analyze in this working paper the impact of different policies on the investment of families in the education of their children. In the model we present, families make decisions on the level of human capital of their offspring with a view to the future income that this capital will entail (under the assumption that higher education levels yield higher expected income). Families optimal investment in education depends on their preferences (summarized by their time discount and risk aversion parameters) and their circumstances (initial wealth, parents education, and children s natural abilities). The public authority designs a balanced tax/subsidy scheme in order to maximize aggregate welfare. We compare the case of a purely utilitarian planner with one that cares about the equality of opportunity.

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Bibliographic Info

Paper provided by Fundacion BBVA / BBVA Foundation in its series Working Papers with number 201051.

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Length: 37
Date of creation: Oct 2009
Date of revision:
Handle: RePEc:fbb:wpaper:201051

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Keywords: Equality of opportunity; investment in education; public policy design.;

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References

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  1. De Fraja, Gianni & Oliveira, Tania & Zanchi, Luisa, 2005. "Must Try Harder. Evaluating the Role of Effort in Educational Attainment," CEPR Discussion Papers 5048, C.E.P.R. Discussion Papers.
  2. John E. Roemer & Rolf Aaberge & Ugo Colombino & Johan Fritzell & Stephen P. Jenkins & Ive Marx & Marianne Page & Evert Pommer & Javier Ruiz-Castillo & Maria Jesus San Segundo & Torben Tranæs & Gert G, . "To What Extent Do Fiscal Regimes Equalize Opportunities for Income Acquisition among Citizens?," EPRU Working Paper Series 00-10, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
  3. Villar Antonio, 2005. "On the Welfare Evaluation of Income and Opportunity," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 5(1), pages 1-21, June.
  4. Roemer, J.E., 1992. "A Pragmatic Theory of Responsibility for the Egalitarian Planner," Papers 391, California Davis - Institute of Governmental Affairs.
  5. Roemer,John E., 2006. "Democracy, Education, and Equality," Cambridge Books, Cambridge University Press, number 9780521846653.
  6. Hanushek, Eric A. & Leung, Charles Ka Yui & Yilmaz, Kuzey, 2003. "Redistribution through education and other transfer mechanisms," Journal of Monetary Economics, Elsevier, vol. 50(8), pages 1719-1750, November.
  7. Arnaud Lefranc & Nicolas Pistolesi & Alain Trannoy, 2006. "Equality of opportunity: Definitions and testable conditions, with an application to income in France," Working Papers 53, ECINEQ, Society for the Study of Economic Inequality.
  8. Calo-Blanco Aitor & Villar Notario Antonio, 2010. "Quality of Education and Equality of Opportunity in Spain: Lesson from Pisa," Working Papers 20104, Fundacion BBVA / BBVA Foundation.
  9. Cunha, Flavio & Heckman, James J., 2007. "The Technology of Skill Formation," IZA Discussion Papers 2550, Institute for the Study of Labor (IZA).
  10. Yona Rubinstein & James J. Heckman, 2001. "The Importance of Noncognitive Skills: Lessons from the GED Testing Program," American Economic Review, American Economic Association, vol. 91(2), pages 145-149, May.
  11. Card, David, 1999. "The causal effect of education on earnings," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 30, pages 1801-1863 Elsevier.
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Cited by:
  1. Aitor Calo, 2009. "Equality of opportunity and optimal effort decision under uncertainty," Working Papers. Serie AD 2009-12, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).

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