We compare a uniform voucher regime against the status quo mix of public and private education, focusing on the distribtuion of welfare gains and losses across households by income. We argue that the topping-up option available under uniform vouchers is not su¢ ciently valuable for the poorer...

In this paper, the authors present an overlapping generations model with heterogeneous agents in which human capital investment through formal schooling is the engine of growth. The authors use simple functional forms for preferences, technologies, and income distribution to highlight the...