We assume that students can acquire a wage premium, thanks to studies, and form a rational expectation of their future earnings, which depends on personal ability. Students receive a private, noisy signal of their ability, and universities can condition admission decisions on the results of...

The mobility of labor reduces national incentives to invest in internationally applicable education. The European Union could overcome this by allowing member states to institute graduate taxes or income-contingent loans, collected also from migrants. This paper presents calculations on how a...

For-profit providers are becoming an increasingly important fixture of US higher education markets. Students who attend for-profit institutions take on more educational debt, have worse labor market outcomes, and are more likely to default than students attending similarly-selective public...