By Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)
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SORTING INTO SCHOOLS At some level it is possible simply to repeat much of the analysis of the preceding sections but refer to schools rather than neighborhoods. Obviously, little additional insight would be gained by doing this. A topic that did not have a natural place in the previous section is how the possibility of attending a private rather than a public school matters. 44 The problem lies in the fact that those individuals who opt out of public schooling prefer (in the absence of externalities) to provide zero funding for private schools.
These probabilities depend on the probability that in the ﬁrst period a particular type of worker is met and 64 65 One could just as easily simply assume that the ﬁrst period one meets a more representative sample of the population relative to the second period in which it is biased toward individuals who are similar. The skilled worker will always be the one whose cutoff quality level is binding, as his or her income is greater. , β). 66 If there were no borrowing constraints, then all families would have the same fraction of children become skilled so that the net return to being a skilled worker equalled the return to being an unskilled worker plus δ ∗ (β) – the equilibrium psychic cost such that no worker with δi > δ ∗ (β) is willing to become skilled.
Sorting, Education, and Inequality 31 and hence low-type families would be relatively unconstrained, perpetuating a situation of high β (and low inequality). How does the degree of sorting affect this economy? 6) ˆ θ) + j f j [∂λ j (β; ˆ θ )]/(∂β)(βˆ − j ). It is easy to where D = j f j λ j (β; show that local stability requires D > 0. 6) is easy to sign for a few cases. Suppose all the j s are the same, that is, j = . 57 Suppose next that average fertility is the same across all groups; that is, f j = f .
Advances in economics and econometrics, vol. 2 by Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)