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IMF Staff Papers Logo last updated: January 2002
Volume 48, Number 3
 
Risk, Resources, and Education:
Public Versus Private Financing of Higher Education

Berthold U. Wigger and Robert K. von Weizsäcker

Full Text of this Article (PDF 68K)

Abstract: The paper develops a public education scheme that takes aspects of uncertainty in private educational investments explicitly into account. The social merits of public education schemes are related to the lack of markets in which students can insure against educational risks. A case is made for tuition fees that depend on expected returns of investments in education. The consideration of uncertainty provides a neglected link between educational choice, resource endowment, and productivity growth, which may serve to redefine the public role of education financing. [JEL H52, I22, D81]

2001 International Monetary Fund