Two significant challenges hamper the analyses of the collective choice of educational vouchers. One is the multi-dimensional choice set arising from the interdependence of the voucher, public education spending, and taxation. Second, even absent a voucher, preferences over public spending are...

The analysis of educational vouchers has evolved from market-based analogies to models that incorporate distinctive features of the educational environment. These distinctive features include peer effects, scope for private school pricing and admissions based on student characteristics, the...

We study the intergenerational conflict over the provision of public education. This conflict arises because older households without children have weaker incentives to support the provision of high quality educational services in a community than younger households with school-age children. We...

This paper develops a model in which colleges seek to maximize the quality of the educational experience provided to their students. We deduce predictions about the hierarchy of schools that emerges in equilibrium, the allocation of students by income and ability among schools, and about the...

We present an equilibrium model of the market for higher education. Our model simultaneously predicts student selection into institutions of higher education, financial aid, educational expenditures, and educational outcomes. We show that the model gives rise to a strict hierarchy of colleges...