Student loans and the allocation of graduate jobs
In an economy where graduate jobs are allocated by a matching tournament, and some of the potential participants cannot borrow against their expected future earnings, the government can increase efficiency and ex ante equity by redistributing wealth or, if that is not possible, by borrowing wholesale and lending to potential participants. Both policies replace some of the less able rich with some of the more able poor and bring education investments closer to their first-best levels.
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- Bratti, Massimiliano & McKnight, Abigail & Naylor, Robin & Smith, Jeremy, 2003.
"Higher Education Outcomes, Graduate Employment and University Performance Indicators,"
The Warwick Economics Research Paper Series (TWERPS)
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- Michael Peters & Aloysius Siow, 2002.
"Competing Premarital Investments,"
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- Michael Peters & Aloysius Siow, 2001. "Competing Premarital Investment," Working Papers peters-01-02, University of Toronto, Department of Economics.
- Alessandro Cigno & Annalisa Luporini, 2009.
"Scholarships or Student Loans? Subsidizing Higher Education in the Presence of Moral Hazard,"
Journal of Public Economic Theory,
Association for Public Economic Theory, vol. 11(1), pages 55-87, 02.
- Alessandro Cigno & Annalisa Luporini, 2003. "Scholarships or Student Loans? Subsidizing Higher Education in the Presence of Moral Hazard," CESifo Working Paper Series 973, CESifo Group Munich.
- Hoff, Karla & Lyon, Andrew B., 1995.
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Journal of Public Economics,
Elsevier, vol. 58(3), pages 365-390, November.
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"Equilibrium Selection in Signaling Games,"
565, California Institute of Technology, Division of the Humanities and Social Sciences.
- Raquel Fernández & Jordi Gali, 1999. "To Each According to …? Markets, Tournaments, and the Matching Problem with Borrowing Constraints," Review of Economic Studies, Oxford University Press, vol. 66(4), pages 799-824.
- Becker, Gary S, 1973. "A Theory of Marriage: Part I," Journal of Political Economy, University of Chicago Press, vol. 81(4), pages 813-846, July-Aug..
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