Handbook of the Economics of Education

Handbook of the Economics of Education

1st Edition - July 13, 2011

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  • Editors: Erik Hanushek, Stephen Machin, Ludger Woessmann
  • eBook ISBN: 9780444535351
  • Hardcover ISBN: 9780444534446

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What is the value of an education? Volume 4 of the Handbooks in the Economics of Education combines recent data with new methodologies to examine this and related questions from diverse perspectives. School choice and school competition, educator incentives, the college premium, and other considerations help make sense of the investments and returns associated with education. Volume editors Eric A. Hanushek (Stanford), Stephen Machin (University College London) and Ludger Woessmann (Ifo Institute for Economic Research, Munich) draw clear lines between newly emerging research on the economics of education and prior work. In conjunction with Volume 3, they measure our current understanding of educational acquisition and its economic and social effects.

Key Features

  • Winner of a 2011 PROSE Award Honorable Mention in Economics from the Association of American Publishers
  • Demonstrates how new methodologies are yielding fresh perspectives in education economics
  • Presents topics and authors whose data and conclusions attest to the globalization of research
  • Complements the policy and social outcomes themes of volume 3


Graduate students and professionals working in economics and education worldwide

Table of Contents



    Reflections on the Economics of Education

    Introduction to Handbook

    Chapter 1: Personality Psychology and Economics

    1 Introduction

    2 Personality and Personality Traits: Definitions and a Brief History of Personality Psychology

    3 Conceptualizing Personality and Personality Traits within Economic Models

    4 Measuring Personality

    5 Implementing the Measurement Systems

    6 Personality and Preference Parameters

    7 The Predictive Power of Personality Traits

    8 Stability and Change in Personality Traits and Preferences

    9 Summary and Conclusions


    Chapter 2: Nonproduction Benefits of Education

    1 Introduction

    2 Education’s Effects on Crime

    3 Education’s Effects on Health and Mortality

    4 Education’s Effect on Citizenship, Political Participation, and Democracy

    5 Conclusions

    Appendix: Estimating Mediating Effects



    Chapter 3: Overeducation and Mismatch in the Labor Market

    1 Introduction

    2 Questions

    3 Measurement Issues

    4 Incidence

    5 Impact on Earnings

    6 Relation to Labor Market Theories

    7 Conclusion


    Chapter 4: Migration and Education

    1 Introduction

    2 Empirical Evidence

    3 The Migrant

    4 The Effect of Migration on the Skill Base and Educational Attainment of Nonmigrants

    5 The Children of Immigrants

    6 Conclusion


    Chapter 5: Inequality, Human Capital Formation, and the Process of Development

    1 Introduction

    2 The Benchmark Model

    3 A Unified Theory of Inequality and Growth

    4 Nonfinancial Hurdles for Human Capital Accumulation

    5 Evidence

    6 Concluding Remarks


    Chapter 6: The Design of Performance Pay in Education

    1 Screening Teachers

    2 Moral Hazard

    3 Markets

    4 Conclusion



    Chapter 7: Educational Vouchers in International Contexts

    1 The Context for Vouchers Abroad

    2 Voucher Programs in Colombia, Chile, and Sweden

    3 Effects of Vouchers on Voucher Users

    4 Effects of Vouchers on Overall School System

    5 Conclusion and Suggested Directions for Future Study


    Chapter 8: Dropouts and Diplomas

    1 Introduction and Motivating Data

    2 Models of Years of Schooling and Application to Degree Attainment

    3 Specification of College Degree Attainment

    4 Evidence on Determinants of Degree Attainment

    5 Unanswered Questions in the Study of Degree Attainment


    Chapter 9: The Political Economy of Education Funding

    1 Introduction

    2 Public Education Spending with a Private Option

    3 Vouchers

    4 Heterogeneity

    5 Education Funding in Multi-Community Models

    6 Dynamics

    7 Empirical Issues

    8 Future Directions



Product details

  • No. of pages: 708
  • Language: English
  • Copyright: © North Holland 2011
  • Published: July 13, 2011
  • Imprint: North Holland
  • eBook ISBN: 9780444535351
  • Hardcover ISBN: 9780444534446

About the Editors

Erik Hanushek

Eric Hanushek is the Paul and Jean Hanna Senior Fellow at the Hoover Institution of Stanford University. He is also chairman of the Executive Committee for the Texas Schools Project at the University of Texas at Dallas, a research associate of the National Bureau of Economic Research, and a member of the Koret Task Force on K–12 Education. He serves as a member of the Board of Directors of the National Board for Education Sciences and of the Governor's Advisory Committee on Education Excellence (California).

Affiliations and Expertise

Stanford University, Stanford, CA, USA

Stephen Machin

Steve Machin's main research areas cover empirical work in labour economics, the economics of education and industrial relations. He is currently a Professor of Economics at University College London and Director of the Centre for the Economics of Education and Research Director at the Centre for Economic Performance. He is also one of the Editors of The Economic Journal.

Affiliations and Expertise

University College London and London School of Economics, UK

Ludger Woessmann

Ludger Woessmann is Professor of Economics at the University of Munich, and holds

a joint appointment as Head of the “Human Capital and Innovation” Department at

Ifo Institute for Economic Research, Germany.

Affiliations and Expertise

Ifo Institute for Economic Research, University of Munich, Germany

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