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Autor:
Michael H. Casson
Publikováno v:
Forum for Social Economics. 36:87-95
America’s elementary and secondary educational system is faced with an inefficiency stemming from a basic problem associated with unobservability: moral hazard. In this case, the teacher (agent) has an incentive to exert less effort (given cost ass
Autor:
Michael H. Casson
Publikováno v:
Forum for Social Economics. 34:61-70
To solve the education “woes” of the U.S., many experts have looked to both command economies (standardized curriculum), and competitive markets (e.g. school choice and school vouchers), for answers. This normative research explores an optimal mi