The tendency to underestimate the future value of a variable growing at a constant rate, anexample of exponential growth bias, has been linked to household financial decision making.We show that exponential growth bias and standard measures of financial literacy arenegatively correlated in a...

The Australian education system fares well in international comparison with regards to PISA test scores and the higher education system attracts an increasing number of foreign students. Vocational education and training (VET) is an important part of the post–secondary education system,...

The growth of potential GDP in Mexico is not fast enough to narrow the income gap with other OECD countries at a sufficient pace. The persistent weakness in human capital development contributes to this situation. In particular, Mexicans spend comparatively few years in formal education, and the...

An effective system of education and training is important for both social and economic reasons. Its role in the Polish economy is to provide the current and future labour force with skills to facilitate both continuing productivity growth and reallocation of resources as structural adjustment...

The lack of human capital in Portugal has become a key obstacle to higher growth. This paper discusses the performance of education and training services in Portugal and shows that improvements are needed to narrow the significant human capital gap with other OECD countries. Despite progress in...

This paper reviews Iceland’s performance in skills accumulation against the backdrop of a rapidly changing economic environment and discusses directions for further improvements. Since the late 1990s, the government has considerably raised expenditure on education, which is now among the...

The average educational attainment of US students is weak by international comparison. For example, mean results of PISA test scores are below the OECD average. This is despite substantial resources devoted to the schooling system. One partial explanation for this is that academic standards,...

(english) Reforms of primary education undertaken in Madhya Pradesh since the mid-1990’s have been said to be bringing the state close to universal enrolment, yet they have sparked much controversy and have hardly been the subject of any independent research. This paper presents the results of...

Using unique Italian panel data, in which individual differences in behavior toward risk are measured from answers to a lottery question, we investigate if (and to what extent) risk aversion can explain differences in schooling attainments. We formulate the schooling decision process as a...

In recent years, policymaking in China has put increasing emphasis on stemming the growth in inequality, which had been fairly steep since the 1980s. Policy action has taken the form of regional development measures and of reforms of various aspects of the social safety net broadly defined. The...