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Financing Higher Education: A General Equilibrium Public Choice Approach


  • Creedy, John
  • Francois, Patrick


A public choice approach is used to examine the level of a tax-financed grant chosen by a cohort, allowing for a wide range of interdependencies, including the government's budget constraint. The existence of an externality is necessary, but not sufficient, for support of a grant. It is shown that a majority voting equilibrium exists. Comparative static analyses are carried out using a minimum of assumptions about the structure of the model. An increase in government expenditure for non-higher education purposes is associated.with an increase in the preferred grant, while an increase in private returns to education reduces the grant. Copyright 1993 by The Economic Society of Australia.

Suggested Citation

  • Creedy, John & Francois, Patrick, 1993. "Financing Higher Education: A General Equilibrium Public Choice Approach," The Economic Record, The Economic Society of Australia, vol. 69(204), pages 1-9, March.
  • Handle: RePEc:bla:ecorec:v:69:y:1993:i:204:p:1-9

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    References listed on IDEAS

    1. Rod O'Donnell, 1992. "The Unwritten Books and Papers of J. M. Keynes," History of Political Economy, Duke University Press, vol. 24(4), pages 767-817, Winter.
    2. McCloskey,Deirdre N., 1994. "Knowledge and Persuasion in Economics," Cambridge Books, Cambridge University Press, number 9780521436038, March.
    3. McCloskey,Deirdre N., 1994. "Knowledge and Persuasion in Economics," Cambridge Books, Cambridge University Press, number 9780521434751, March.
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    Cited by:

    1. Brad R. Humphreys, 2003. "The Relationship Between Big-Time College Football and State Appropriations to Higher Education," UMBC Economics Department Working Papers 03-102, UMBC Department of Economics.
    2. Erkki Koskela & Ronnie Schöb, 2009. "Is Tax Progression Good for Employment? Efficiency Wages and the Role of the Prereform Tax Structure," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 65(1), pages 51-72, March.

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