Mendolicchio, Concetta; Paolini, Dimitri; Pietra, Tito - Institut für Arbeitsmarkt- und Berufsforschung (IAB) - 2011
"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...