This paper extends the results of Jovanovic and Rosenthal (1988) on the existence of equilibrium in anonymous sequential games. They prove existence in the case where the aggregate distribution of agents' characteristics ...
We analyse how progressive taxation and education subsidies affect schooling deci-
sions when the returns to education are stochastic. We use the theory of real options to solve the problem of education choice in a dynamic, ...
We analyse how progressive taxation and education subsidies affect schooling decisions when the returns to education are stochastic. We use the theory of real options to solve the problem of education choice in a dynamic ...