American Economic Review
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Опубликовано на портале: 06-02-2007Robert M. Costrell American Economic Review. 1994. Vol. 84. No. 4. P. 956-71.
The author models standards for educational credentials, such as high-school diplomas. Standard-setters maximize their conception of social welfare, knowing that utility-maximizing students choose whether to meet the standard. The author shows that more egalitarian policymakers set lower standards, the median voter would prefer higher standards (under symmetric distributions), and decentralization lowers standards (among identical communities). Optimal standards do not necessarily fall with increased student preference for leisure, deterioration of nonstudent inputs to education, or increased student heterogeneity. Superseding binary credentials by perfect information increases average achievement and social welfare for plausible degrees of heterogeneity, egalitarianism, and pooling under decentralization.
Опубликовано на портале: 02-11-2007Andrew B. Abel American Economic Review. 1990. Vol. 80. No. 2. P. 38-42.
This paper introduces a utility function that nests three classes of utility functions: (1) time-separable utility functions; (2) "catching up with the Joneses" utility functions that depend on the consumer's level of consumption relative to the lagged cross-sectional average level of consumption; and (3) utility functions that display habit formation. Closed-form solutions for equilibrium asset prices are derived under the assumption that consumption growth is i.i.d. The equity premia under catching up with the Joneses and under habit formation are, for some parameter values, as large as the historically observed equity premium in the United States
Опубликовано на портале: 05-02-2007Thomas J. Kane, Cecilia Elena Rouse American Economic Review. 1995. Vol. 85. No. 3. P. 600-614.
The paper examines labor-market returns to a two- and four-year college education. Analysis of the 1972 National Longitudinal Survey of Youth; Observation that the average person who attended a two-year college earned about 10-percent more than those without any college education; Comparison with the wages of those who attended a four-year college education.
Опубликовано на портале: 02-11-2007Christopher D. Carroll, Jody Overkand, David N. Weil American Economic Review. 2000. Vol. 90. No. 3. P. 341-55.
Saving and growth are strongly positively correlated across countries. Recent empirical evidence suggests that this correlation holds largely because high growth leads to high saving, not the other way around. This evidence is difficult to reconcile with standard growth models, since forward-looking consumers with standard utility should save less in a fast-growing economy because they know they will be richer in the future than they are today. We show that if utility depends partly on how consumption compares to a ‘habit stock’ determined by past consumption, an otherwise-standard growth model can imply that increases in growth can cause increased saving
Опубликовано на портале: 06-02-2007Julian Betts American Economic Review. 1998. Vol. 88. No. 1. P. 266-75.
The goal of this paper is to present the following finding: an egalitarian policy maker might prefer higher standards than would a policy maker whose goal was to maximize the sum of earnings. The result is based on the observation that if workers are differentiated with respect to ability, an increase in educational standards will increase the earnings of both the most-able and the least-able workers. The only workers whose earnings fall are those workers who after the increase fail to continue meeting the standard.