We study the portfolio allocation decisions of Australian households using the relatively new Household Income and Labour Dynamics in Australia (HILDA) survey. We focus on household allocations to risky financial assets. Our empirical analysis considers a range of hypothesised determinants of...

The effects of credit constraints on university participation are investigated in a setting where income contingent tuition loans are available to students. Students most likely to face credit constraints have the same or higher probability of attending university as all other students, given...

This paper provides new estimates of the effect of Catholic school attendance on high school completion and university commencement and completion for Australian students. Without a set of robust instruments to deal with any potential selection bias, we place bounds on the Catholic school effect...

The evolution of income distribution is studied in a dynamic model of education choice where both public and private education are available. Public education is financed using a tax rate determined by majority voting. The analysis focuses on neoclassical growth in order to ensure tractability...

A model of education where the distribution of abilities is the source of heterogeneity is investigated. Ability is a key determinant of human capital accumulated when young, which in turn determines income and its distribution. The assumption of heterogeneous abilities leads to steady-state...