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Investments in education and welfare in a two-sector, random matching economy

Mendolicchio, Concetta and Paolini, Dimitri and Pietra, Tito (2012) Investments in education and welfare in a two-sector, random matching economy. Journal of Mathematical Economics, Vol. 48 (6), p. 367-385. eISSN 1873-1538. Article.

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DOI: 10.1016/j.jmateco.2012.08.002

Abstract

We consider a random matching model where heterogeneous agents choose optimally to invest time and real resources in education. Generically, there is a steady state equilibrium where some agents, but not all of them, invest. Regular steady state equilibria are constrained inefficient in a strong sense. The Hosios (1990) condition is neither necessary nor sufficient for constrained efficiency. We also provide restrictions on the fundamentals sufficient to guarantee that equilibria are characterized by overeducation (or undereducation), present some results on their comparative statics properties, and discuss the nature of welfare improving policies.

Item Type:Article
ID Code:8640
Status:Published
Refereed:Yes
Uncontrolled Keywords:Random matching, human capital, efficiency
Subjects:Area 13 - Scienze economiche e statistiche > SECS-P/01 Economia politica
Divisions:001 Università di Sassari > 01-a Nuovi Dipartimenti dal 2012 > Scienze economiche e aziendali
Publisher:Elsevier Science
eISSN:1873-1538
Deposited On:19 Feb 2013 13:17

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