nep-edu New Economics Papers
on Education
Issue of 2007‒03‒03
24 papers chosen by
Joao Carlos Correia Leitao
University of the Beira Interior

  1. The Role of University Characteristics in Determining Post-graduation Outcomes: Panel Evidence from Three Recent Canadian Cohorts By Betts, Julian; Ferrall, Christopher; Finnie, Ross
  2. Human Capital Quality and Economic Growth By Nadir Altinok
  3. Inequality and the Education MDG for Latin America By Eduardo Zepeda
  4. Education and labour productivity in New Zealand By Razzak, Weshah; Timmins, Jason
  5. Premium on Fields of Study: The Returns to Higher Education in Singapore By Yeo Khee Yong; Toh Mun Heng; Shandre Mugan Thangavelu; James Wong
  6. Assortative Matching and the Education Gap By Ximena Peña
  7. DECENTRALIZATION’S EFFECTS ON EDUCATIONAL OUTCOMES IN BOLIVIA AND COLOMBIA By Jean-Paul Faguet; Fabio Sanchez
  8. Education, corruption and growth in developing countries By Cuong Le Van; Mathilde Maurel
  9. Teaching with Technology to Engage Students and Enhance Learning By Daniel Lass; Bernard Morzuch; Richard Rogers
  10. Spatial Mobility and Returns to Education:<br />Some Evidence from a Sample of French Youth By Philippe Lemistre; Nicolas Moreau
  11. Schooling, Inequality and Government Policy By Oleksiy Kryvtsov; Alexander Ueberfeldt
  12. Adult mortality and children ' s transition into marriage By Beegle, Kathleen; Krutikova, Sofya
  13. Key concepts and debates in the French VET system and labour market By Philippe Méhaut
  14. The Power of Information: How Do U.S. News Rankings Affect the Financial Resources of Public Colleges? By Ginger Zhe Jin; Alex Whalley
  15. La educación en Colombia: Análisis del marco normativo y de los indicadores sectoriales By Ana M. Iregui; Ligia Melo; Jorge Ramos
  16. Reducing the Expectations Gap: Facilitating Improved Student Writing in an Intermediate Macroeconomics Course By Peter Docherty; Harry Tse; Ross Forman; Jo McKenzie
  17. Gestión Educativa: Dimensión Institucional, Municipal y Participación Social By Osvaldo Nina
  18. La Educación Inicial, Primaria y Secundaria en el Marco de la Descentralización: Contexto y Perspectivas By Osvaldo Nina
  19. College Admissions under Early Decision By Mumcu, Ayse; Saglam, Ismail
  20. Trade and human capital accumulation: evidence from U.S. immigrants By Domeland, Dorte
  21. Home Bias among European Students By C. Reggiani; G. Rossini
  22. The Boston Fed study of consumer behavior and payment choice: a survey of Federal Reserve System employees By Marques Benton; Krista Blair; Marianne Crowe; Scott Schuh
  23. Políticas para transformar el capital humano en el Caribe colombiano By Joaquín Viloria de la Hoz
  24. L'enseignement supérieur, un élément de la dynamique des territoires By Michel Vernières

  1. By: Betts, Julian; Ferrall, Christopher; Finnie, Ross
    Abstract: This paper models earnings of male and female Bachelor's graduates in Canada five years after graduation. Using a university fixed-effect approach, the research finds evidence of significant (fixed) variations in earnings among graduates from different universities. Within universities, changes over time in various characteristics are correlated with changes in graduates' earnings. Increases in undergraduate enrollment are associated with declines in subsequent earnings for graduates, suggesting crowding out. For men, but not women, increases in the professor - student ratio are associated with meaningful gains in students' subsequent earnings. Models that do not condition on a student's major show increased effects of changes in a university's characteristics, with estimated effects rising up to almost two-fold. For women in particular, changes in several university characteristics are strongly associated with changes in women's choice of major. Changes in university characteristics are not strongly related to the probability of employment five years after graduation.
    Keywords: Education, training and learning, Education finance, Outcomes of education
    Date: 2007–02–26
    URL: http://d.repec.org/n?u=RePEc:stc:stcp3e:2007292e&r=edu
  2. By: Nadir Altinok (IREDU - Institut de recherche sur l'éducation : Sociologie et Economie de l'Education - [CNRS : FRE5211] - [Université de Bourgogne])
    Abstract: The estimation of the relationship between education and economic growth is marked by contradictions. These contradictions underline the lack of precision characterizing indicators of human capital. This paper constructs new indicators based on a pool of international surveys concerning pupil assessment. Thus, our new database, which includes 105 countries, makes it possible to confirm or not the positive relationship between education and growth. Taking into account the endogeneity of education, we measure a positive effect of qualitative indicators of human capital and the growth of countries between 1960 and 2000. The contribution of education to growth therefore appears significant, both from a quantitative and a qualitative point of view.
    Keywords: Education quality ; Human capital ; Growth ; Development
    Date: 2007–02–21
    URL: http://d.repec.org/n?u=RePEc:hal:papers:halshs-00132531_v1&r=edu
  3. By: Eduardo Zepeda (International Poverty Centre)
    Keywords: Inequality, Education, Millennium Development Goals, Poverty, Latin America
    Date: 2006–10
    URL: http://d.repec.org/n?u=RePEc:ipc:opager:0023&r=edu
  4. By: Razzak, Weshah; Timmins, Jason
    Abstract: We estimate the effect of four types of education qualifications, as a proxy for human capital and skill levels, on GDP per capita, and compute the average percentage returns. We also test the effect of the product of each proxy of human capital with R&D on GDP per capita. We find that only university qualification and its product with R&D to have a positive effect on the average economy-wide productivity.
    Keywords: Labour productivity; education qualification; R&D
    JEL: D20 J08 C23
    Date: 2007–02–08
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:1882&r=edu
  5. By: Yeo Khee Yong (Manpower Research and Statistics Department, Ministry of Manpower); Toh Mun Heng (Department of Business Policy, NUS Business School, National University of Singapore); Shandre Mugan Thangavelu (Singapore Centre for Applied and Policy Economics (SCAPE) Department of Economics, National University of Singapore); James Wong (Senior Assistant Director Manpower Research and Statistics Department Ministry of Manpower)
    URL: http://d.repec.org/n?u=RePEc:sca:scaewp:0703&r=edu
  6. By: Ximena Peña
    Abstract: This paper attempts to explain the decrease and reversal of the education gap between males and females. Given a continuum of agents, the education decisions are modelled as an assignment game with endogenous types. In the …rst stage agents choose their education level and in the second they participate in the labor and marriage markets. Competition among potential matches en- sures that the e¢ cient education levels can always be sustained in equilibrium, but there may be ine¢ cient equilibria. Combining asymmetries intrinsic to the modelled markets the model reproduces the observed education gap.
    Date: 2006–12–20
    URL: http://d.repec.org/n?u=RePEc:col:001043:002755&r=edu
  7. By: Jean-Paul Faguet; Fabio Sanchez
    Abstract: The effects of decentralization on public sector outputs is much debated but little agreed upon. This paper compares the remarkable case of Bolivia with the more complex case of Colombia to explore decentralization’s effects on public education outcomes. In Colombia, decentralization of education finance improved enrollment rates in public schools. In Bolivia, decentralization made government more responsive by re-directing public investment to areas of greatest need. In both countries, investment shifted from infrastructure to primary social services. In both, it was the behavior of smaller, poorer, more rural municipalities that drove these changes.
    Date: 2006–03–30
    URL: http://d.repec.org/n?u=RePEc:col:001049:002815&r=edu
  8. By: Cuong Le Van (CES - Centre d'économie de la Sorbonne - [CNRS : UMR8174] - [Université Panthéon-Sorbonne - Paris I]); Mathilde Maurel (CES - Centre d'économie de la Sorbonne - [CNRS : UMR8174] - [Université Panthéon-Sorbonne - Paris I])
    Abstract: Education is key in explaining growth, as emphasized recently by Krueger and Lindahl (2001). But for a given level of education, what can explain the missing growth in developing countries ? Corruption, the poor enforcement of property rights, the government share of property rights, the government share of GDP, the regulations it imposes might influence the Total Factor Productivity (TFP thereafter) of a country's economic system. A number of empirical papers emphasize the consequences bad institutions have on growth, but few are examining the link between education, corruption (more generally bad institutions) and growth. Our model assumes that at low level of GDP per head and high level of corruption education spending has no impact on growth. The slope gets positive only at above critical size of corruption. The implications are tested using the data set of Xavier Sala-i-Martin, Gernot Doppelhofer and Ronald I. Miller (2004), which is extended with the aggregate governance indicators of Kaufman et ali.
    Keywords: Public spending, education, corruption, endogeneous growth.
    Date: 2007–02–08
    URL: http://d.repec.org/n?u=RePEc:hal:papers:halshs-00129754_v1&r=edu
  9. By: Daniel Lass (Department of Resource Economics, University of Massachusetts Amherst); Bernard Morzuch (Department of Resource Economics, University of Massachusetts Amherst); Richard Rogers (Office of the Provost, University of Massachusetts Amherst)
    Abstract: Teaching technology effects on student learning in a large lecture introductory statistics course were tested. Findings show in-class personal response systems and on-line homework/quizzes significantly improve student exam scores. We infer proven small class techniques, participating in class and doing homework via technologies, can restore sound pedagogy in larger classes. The experiment was conducted using just one class, but factors usually unaccounted for in assessment research were controlled, especially the instructor and other materials. The technologies investigated here can provide learning benefits to students even in larger courses often criticized for their inability to provide students quality learning experiences.
    Keywords: Teaching, technology, statistics, active learning.
    JEL: A22 C9 C21 I21
    Date: 2007–01
    URL: http://d.repec.org/n?u=RePEc:dre:wpaper:2007-1&r=edu
  10. By: Philippe Lemistre (LIRHE - Laboratoire Interdisciplinaire de recherche sur les Ressources Humaines et l'Emploi - [CNRS : UMR5066] - [Université des Sciences Sociales - Toulouse I]); Nicolas Moreau (LIRHE - Laboratoire Interdisciplinaire de recherche sur les Ressources Humaines et l'Emploi - [CNRS : UMR5066] - [Université des Sciences Sociales - Toulouse I])
    Abstract: The purpose of this article is to reevaluate the returns to geographic mobility and to the level<br />of education, taking into account the interaction between these two variables. We have at our<br />disposal an original French database that permits precise calculation of the distance between<br />the place of education and the location of first employment. We thus capture mobility without<br />a priori regarding the geographical areas selected, and we use kilometric thresholds to<br />estimate the returns to spatial mobility. Our results suggest decreasing returns to spatial<br />mobility as the distance covered rises and increasing returns to mobility with higher levels of<br />education. In addition, for all levels of education, including the lowest, returns to geographic<br />mobility prove to be positive, for one threshold at least and several distances.
    Keywords: spatial mobility; returns to schooling; earnings function
    Date: 2007–02–19
    URL: http://d.repec.org/n?u=RePEc:hal:papers:halshs-00131849_v1&r=edu
  11. By: Oleksiy Kryvtsov; Alexander Ueberfeldt
    Abstract: This paper asks: What is the effect of government policy on output and inequality in an environment with education and labor-supply decisions? The answer is given in a general equilibrium model, consistent with the post 1960s facts on male wage inequality and labor supply in the U.S. In the model, education and labor-supply decisions depend on progressive income taxation, the education system, the social security system, and technology-driven wage differentials. Government policies affect output and inequality through two channels. First, a policy change leads to an asymmetric adjustment of working hours and savings of schooled and unschooled individuals. Second, there is a redistribution of the workforce between schooled and unschooled workers. Using a battery of proposed government policies, we demonstrate that skill redistribution dampens the response of wage inequality to a policy change and amplifies the response of output by an additional 1 to 2 percent.
    Keywords: Labour markets; Potential output; Productivity
    JEL: H52 J31 J38
    Date: 2007
    URL: http://d.repec.org/n?u=RePEc:bca:bocawp:07-12&r=edu
  12. By: Beegle, Kathleen; Krutikova, Sofya
    Abstract: Adult mortality due to HIV/AIDS and other diseases is posited to affect children through a number of pathways. On top of health and education outcomes, adult mortality can have significant effects on children by influencing demographic outcomes including the timing of marriage. The authors examine marriage outcomes for a sample of children interviewed in Tanzania in the early 1990s and re-interviewed in 2004. They find that while girls who became paternal orphans married at significantly younger ages, orphanhood had little effect on boys. On the other hand, non-parental deaths in the household affect the timing of marriage for boys
    Keywords: Population Policies,Youth and Governance,Population & Development,Adolescent Health,Street Children
    Date: 2007–02–01
    URL: http://d.repec.org/n?u=RePEc:wbk:wbrwps:4139&r=edu
  13. By: Philippe Méhaut (LEST - Laboratoire d'économie et de sociologie du travail - [CNRS : UMR6123] - [Université de Provence - Aix-Marseille I][Université de la Méditerranée - Aix-Marseille II])
    Abstract: The purpose of this overview is to elaborate upon the seven analytical dimensions suggested (education, qualification, competence, skills, work place, labour market, gouvernance and, if possible, to propose a tentative articulation between them to guide our thinking at this stage in the research project. But before exploring the various levels and categories of the common grid, it is necessary to emphasize the difference between English and French languages regarding a key word, qualification.
    Keywords: Skills; Qualification; Certification; Knowledge; Labour market; French and english terminology
    Date: 2007–02–07
    URL: http://d.repec.org/n?u=RePEc:hal:papers:halshs-00105580_v1&r=edu
  14. By: Ginger Zhe Jin; Alex Whalley
    Abstract: In 1990, the U.S. News & World Report (USNWR) extended the coverage of its college rankings from only the top 25 to all national universities and colleges. This paper utilizes this exogenous information shock to identify the impact of college quality information on the financial resources of public colleges. Using college level data from 1987 to 1995, we have three main findings: first, USNWR coverage causes colleges to increase educational and general expenditures per student. Second, these expenditure responses are funded by a 6.5% increase in state appropriations per student, but tuition revenue does not respond. Third, the state appropriation response to USNWR exposure is larger the larger the pre-college age population, voter turnout and USNWR newsstand sales are in a state. These heterogeneous responses are consistent with the USNWR rankings reducing the scope for political agency. Thus our results suggest that, in addition to a consumer response, the publication of quality rankings may influence the provision of quality through a political channel.
    JEL: D80 I22 I23 L15
    Date: 2007–02
    URL: http://d.repec.org/n?u=RePEc:nbr:nberwo:12941&r=edu
  15. By: Ana M. Iregui; Ligia Melo; Jorge Ramos
    Abstract: En este documento se presenta una visión amplia de los problemas y del funcionamiento del sector educativo en Colombia, con énfasis en la educación pública. Inicialmente, se realiza una breve descripción de la política educativa durante las últimas décadas. Posteriormente, se realiza una evaluación detallada de las normas sobre descentralización educativa, así como de aquellas que rigen la carrera docente en el país. También se evalúa el comportamiento reciente de algunos indicadores sectoriales sobre gasto público, cobertura, eficiencia y calidad. Finalmente, se presentan algunas comparaciones internacionales y se analiza el esquema de remuneración e incentivos de los docentes. El comportamiento de los indicadores sectoriales, durante los últimos años, sugiere que el esfuerzo del Estado en materia de educacióon ha estado orientado principalmente a la ampliación de los niveles de cobertura.
    Date: 2006–08–01
    URL: http://d.repec.org/n?u=RePEc:col:001065:002767&r=edu
  16. By: Peter Docherty (School of Finance and Economics, University of Technology, Sydney); Harry Tse (School of Finance and Economics, University of Technology, Sydney); Ross Forman (ELSSA Centre, University of Technology, Sydney); Jo McKenzie (Institute for Interactive Multimedia and Learning, University of Technology, Sydney)
    Abstract: This paper reports on the implementation of a pilot program aimed at improving student writing in a intermediate macroeconomics course. The Program attempted to reduce what is labelled the <i>expectations gap</i> between student and academic perceptions of what constitutes "good writing". This was done in two ways, Firstly, a range of resources designed to describe the characteristics of good writing was provided to students who were helped to structure their writing according to these characteristics. A series of academic literacy workshops formed the centerpiece of this strategy. Secondly, markers themselves were briefed on these characteristics and an approach to marking based upon them was negotiated. The impact of this program on student writing was very promising. Students who attended the academic literacy workshops performed better in the first of two written assignments than those who did not, controlling for general ability. These students were less likely to fail and more likely to be awarded a grade at Distinction level or above. The paper also identifies a number of important areas that need to be developed at the next stage of implementation including better integration of published writing huidelines and sample papers into the workshop curriculum, and collection of more qualitative data to suppliment the quantitative evaluations the paper offers.
    Keywords: student writing; assessment; expectations; academic literacies; embedded programs
    JEL: A20 A22
    Date: 2006–11–01
    URL: http://d.repec.org/n?u=RePEc:uts:wpaper:150&r=edu
  17. By: Osvaldo Nina (Grupo Integral)
    Abstract: El Programa Reforma Educativa ha contribuido a que el Sistema Educativo Boliviano consiguiera pasar de la perspectiva de la administración a la de la gestión. Bajo esta nueva visión, la gestión educativa depende de los actores involucrados, como padres de familia, maestros, autoridades municipales, entre otros, que tienen la responsabilidad de conducir, planificar y ejecutar un plan educativo. En ese sentido, con la finalidad de contar con una evaluación parcial de impacto de esta nueva modalidad de administración, el objetivo del estudio es evaluar la gestión educativa y analizar sus impactos en dos resultados educativos: acceso a la educación pública primaria y factores asociados al rendimiento escolar.
    Keywords: Reforma educativa, Educación, Bolivia
    JEL: I21 I22
    Date: 2005–12
    URL: http://d.repec.org/n?u=RePEc:adv:wpaper:200505&r=edu
  18. By: Osvaldo Nina (Grupo Integral)
    Abstract: El estudio analiza y evalúa la situación actual de la educación inicial, primaria y secundaria bajo la actual estructura del sector público y la participación ciudadana, especialmente enfatizando la gestión educativa y el financiamiento de la educación, esto con el propósito de elaborar lineamientos para la profundización de la descentralización educativa. El proceso de descentralización educativa fue lento por la falta de experiencia y capacidad técnica y organizativa de las unidades y direcciones del Ministerio de Educación, Prefecturas y Municipios. Los resultados muestran que la gestión educativa se caracterizó por la reorientación de las funciones técnicas y administrativas, que fueron lentos debido a falta de un marco legal para reorganizar el marco institucional. Además, que los beneficios fueron positivos sólo cuando existan equipos de gestión que promueven la articulación de los actores involucrados, junta escolares, escuela, distrito escolar y municipio. En cuanto al financiamiento, el gasto del gobierno central está promoviendo levemente la equidad horizontal distributiva; en cambio, el gasto de los municipios está limitando el logro de dicha equidad. La distribución del gasto centralizado con criterios de localización geográfica de la unidad educativa está ocasionando desequilibrios verticales. El estudio propone lineamientos de descentralización que consideran tres niveles en la provisión de servicio educativo para garantizar un equilibrio entre los criterios de eficiencia, equidad e igualdad de oportunidades.
    Keywords: Educación, Descentralización, Bolivia
    JEL: I21 I28
    Date: 2006–12
    URL: http://d.repec.org/n?u=RePEc:adv:wpaper:200617&r=edu
  19. By: Mumcu, Ayse; Saglam, Ismail
    Abstract: In this paper, we model college admissions under early decision in a many-to-one matching framework with two periods. We show that there exists no stable matching system, involving an early decision matching rule and a regular decision matching rule, which is nonmanipulable via early decision quotas by colleges or via early decision preferences by colleges or students. We then analyze the Nash equilibria of the game, in which the preferences of colleges and students in each period are common knowledge and every college determines a quota for the early decision period given its total capacity for the two periods. Under college-optimal and student-optimal matching systems, we show that a pure strategy equilibrium may not exist. However, when colleges or students have common preferences over the other set of agents, 'terminating early decision program' becomes a weakly dominant strategy for each college if every student, choosing to act early, always applies early to his or her top choice college.
    Keywords: Many-to-one matching; college admissions; early decision
    JEL: C71 C78
    Date: 2007–01–25
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:1906&r=edu
  20. By: Domeland, Dorte
    Abstract: This study provides empirical evidence that trade increases on-the-job human capital accumulation by estimating the effect of home country openness on estimated returns to home country experience of U.S. immigrants. The positive effect of trade on on-the-job human capital accumulation remains significant when controlling for GDP, educational attainment, and institutional quality. It is not the result of self-selection, heterogeneity in returns to experience, English-speaking origin, or cultural background. The effect persists when restricting the sample to non-OECD countries, thereby resolving the theoretical ambiguity of whether trade increases or decreases learning-by-doing. The role of trade in generating economic growth is therefore likely to be more important than generally considered.
    Keywords: Economic Theory & Research,Country Strategy & Performance,Labor Markets,Population Policies,Inequality
    Date: 2007–03–01
    URL: http://d.repec.org/n?u=RePEc:wbk:wbrwps:4144&r=edu
  21. By: C. Reggiani; G. Rossini
    Date: 2006–11
    URL: http://d.repec.org/n?u=RePEc:bol:bodewp:579&r=edu
  22. By: Marques Benton; Krista Blair; Marianne Crowe; Scott Schuh
    Abstract: The way people pay for goods and services is changing dramatically, but little data and research on consumer behavior and payment choice are publicly available. This paper describes the results of a survey of payment behavior and attitudes taken by Federal Reserve employees in 2004. Major contributions of the survey are that it asks: 1) why payment choices are made; 2) why individual payment behavior has changed; and 3) why individual-specific payment characteristics matter for payment choice. Although the survey is not statistically representative of U.S. consumers, and thus may not provide accurate estimates of aggregate U.S. payment trends, many results are consistent with data from more representative payment surveys. For example, the data show a trend away from check-writing and toward electronic and emerging payment methods, but the choice of payment method depends on the type of payment, amount of payment, and other complex factors. Also, cost, convenience, and control over timing are the most important characteristics determining respondents' adoption and use of payment methods. We find that payment characteristics vary widely across respondents, partly because of inherent heterogeneity but perhaps also because of measurement error, misperception, or inadequate information (lack of consumer education). Cross-sectional evidence shows that respondents tend to use payment methods in a manner broadly consistent with their reported assessents of the payment characteristics.
    Keywords: Payment systems ; Consumer behavior ; Electronic funds transfers ; Checks
    Date: 2007
    URL: http://d.repec.org/n?u=RePEc:fip:fedbpp:07-1&r=edu
  23. By: Joaquín Viloria de la Hoz
    Abstract: El objetivo de la presente investigación es proponer políticas y acciones que contribuyan a mejorar el nivel del capital humano en la Costa Caribe colombiana. El diagnóstico de la educación en esta región se torna preocupante en aspectos relacionados con la cobertura, nivel de analfabetismo y calidad. Esta situación poco ayuda a acelerar el crecimiento económico de la región, ni tampoco a mejorar las condiciones de vida de su población. Si el Caribe colombiano logra estructurar una política educativa de amplia cobertura y mayor calidad, con énfasis en la educación técnica y tecnológica, su aparato productivo se hace más competitivo, se dinamiza su economía, se genera más empleo y el nivel de vida de su población mejora. En este sentido, el documento concreta un conjunto de estrategias y políticas educativas tendientes a mejorar el capital humano de la región, como una forma de superar su rezago económico.
    Date: 2006–11–30
    URL: http://d.repec.org/n?u=RePEc:col:001038:002791&r=edu
  24. By: Michel Vernières (CES - Centre d'économie de la Sorbonne - [CNRS : UMR8174] - [Université Panthéon-Sorbonne - Paris I])
    Abstract: Pour les territoires infranationaux, surtout ceux constitués autour de villes moyennes, la présence d'établissements d'enseignements supérieurs a un impact fort sur leur développement. En effet, les établissements universitaires sont source d'emplois et de revenus et, plus largement un moyen d'agir sur la nature du développement local. L'intérêt porté à l'enseignement supérieur par les collectivités locales, qui ont favorisé les délocalisations universitaires des décennies écoulées en France, apparaît donc, de leur point de vue, tout à fait logique. Mais, pour l'avenir, cet effort d'attraction de formations universitaires risque de se heurter à une politique universitaire nationale n'allant pas dans ce sens. En effet, dans un univers national et international de plus en plus concurrentiel, les universités les plus puissantes disposent d'un réel avantage comparatif.
    Keywords: France, universités, développement local, territoires, délocalisations.
    Date: 2007–02–08
    URL: http://d.repec.org/n?u=RePEc:hal:papers:halshs-00129613_v1&r=edu

This nep-edu issue is ©2007 by Joao Carlos Correia Leitao. It is provided as is without any express or implied warranty. It may be freely redistributed in whole or in part for any purpose. If distributed in part, please include this notice.
General information on the NEP project can be found at http://nep.repec.org. For comments please write to the director of NEP, Marco Novarese at <director@nep.repec.org>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.