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Effects of Class-Size Reduction, On Cognitive and Non-cognitive Skills

Author

Listed:
  • Hirotake Ito

    (Graduate School of Media and Governance, Keio University)

  • Makiko Nakamuro

    (Graduate School of Media and Governance, Keio University)

  • Shintaro Yamaguchi

    (Faculty of Economics, The University of Tokyo)

Abstract

Centralized matching mechanisms and decentralized markets have been widely studied to allocate indivisible objects. However, they have been analyzed separately. The present paper proposes a new framework, by explicitly formulating a two-stage model where objects are allocated through a matching mechanism in the first stage and traded in the second stage market. In addition, one divisible good called money may or may not be available in the market. Every player demands at most one unit of object besides money. The players may face different priorities at each object type in the first stage. Each object type has a limited amount of capacity, called quota. Each player has a quasi-linear utility function. The present analysis sets forth the equivalence conditions under which stability and efficiency are attained in equilibrium.

Suggested Citation

  • Hirotake Ito & Makiko Nakamuro & Shintaro Yamaguchi, 2019. "Effects of Class-Size Reduction, On Cognitive and Non-cognitive Skills," CIRJE F-Series CIRJE-F-1113, CIRJE, Faculty of Economics, University of Tokyo.
  • Handle: RePEc:tky:fseres:2019cf1113
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    File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2019/2019cf1113.pdf
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    References listed on IDEAS

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    4. Lex Borghans & Angela Lee Duckworth & James J. Heckman & Bas ter Weel, 2008. "The Economics and Psychology of Personality Traits," Journal of Human Resources, University of Wisconsin Press, vol. 43(4).
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    8. James J. Heckman & Jora Stixrud & Sergio Urzua, 2006. "The Effects of Cognitive and Noncognitive Abilities on Labor Market Outcomes and Social Behavior," Journal of Labor Economics, University of Chicago Press, vol. 24(3), pages 411-482, July.
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    11. Heineck, Guido & Anger, Silke, 2010. "The returns to cognitive abilities and personality traits in Germany," Labour Economics, Elsevier, vol. 17(3), pages 535-546, June.
    12. Pedro Carneiro & Claire Crawford & Alissa Goodman, 2007. "The Impact of Early Cognitive and Non-Cognitive Skills on Later Outcomes," CEE Discussion Papers 0092, Centre for the Economics of Education, LSE.
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