This paper investigates the effects on income and its distribution of heterogenous preferences for education expenditures. Models of private and public education are studied and compared. Public education expenditures are determined through majority vote. Equilibria for both models are analytically characterised, with the exception of the endogenous distribution of human capital. These distributions are characterised using simulations. Heterogenous preferences increase income inequality in private education, while public education overcomes this heterogeneity to provide convergence of incomes.
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Length: 37 pages Date of creation: 1998 Date of revision: Handle: RePEc:mlb:wpaper:623
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Find related papers by JEL classification: D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations I22 - Health, Education, and Welfare - - Education - - - Educational Finance
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