A model of education where the distribution of innate abilities is the source of heterogeneity is investigated. Public and private education models are investigated and compared. Human capital follows a first order Markov process which is shown to converge to a unique stationary distribution in both education systems. Income distributions are characterised using simulations which suggest positive skewness for both types of education.
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Length: 35 pages Date of creation: 1997 Date of revision: Handle: RePEc:mlb:wpaper:599
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Find related papers by JEL classification: D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution I22 - Health, Education, and Welfare - - Education - - - Educational Finance J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity