school stayers by luring the best students to other schools. This framework results in a simple formula showing that the … students relative to weak students, and the importance of peers. We use the formula to investigate the effects of a voucher … program on the high school graduation rate of the students who would remain in public school. We employ NELS:88 data to …

stayers by luring the best students to other schools. This framework results in a simple formula showing that the "cream …-skimming" effect is increasing in the degree of heterogeneity within schools, the school choice takeup rate of strong students relative … to weak students, and the importance of peers. We use the formula to investigate the effects of a voucher program on the …