Educational Vouchers When There Are Peer Group Effects--Size Matters

Elizabeth Caucutt

International Economic Review, 2002, vol. 43, issue 1, 195-222

Abstract: In this article, I study the effects various educational voucher policies have on the sorting of children across schools and the per-student expenditure levels at these schools, when a child's peer group matters and students differ over income and ability. I find that, depending on the magnitude of the voucher, switching from a public system to a voucher system could entail either welfare gains or losses. All voucher policies under consideration lead to greater inequality than the public system; however, these increases are not monotone in the voucher size. Copyright 2002 by the Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Resarch Association

Date: 2002
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