Taste-homogeneity of optimal jurisdictions in a Tiebout economy with crowding types and endogenous educational investment choices

1996 ◽  
Vol 50 (4) ◽  
pp. 367-387 ◽  
Author(s):  
JOHN P. CONLEY ◽  
MYRNA WOODERS
1986 ◽  
Vol 25 (2) ◽  
pp. 175-192
Author(s):  
Shahrukh Rafi Khan ◽  
Naushin Mahmood ◽  
Rehana Siddiqui

Planning documents for the Seventies emphasized the importance of primary education and the curtailment of the mushrooming growth at the higher level. Our review suggests that this policy has had only partial success in implementation. Viewed in the context of educational planning theory and the evidence available for Pakistan, the policy is found to be sound. While the benefits of a correct distribution of investment within the educational sector are self-evident, resource constraints have been leading to an overall underinvestment in the educational sector. We show that Pakistan's public sector education is highly subsidized and so to supplement the limited resources devoted to it, we recommend, as a possible solution, a selective application of user charges.


Author(s):  
Katarzyna Sekścińska ◽  
Joanna Rudzinska‐Wojciechowska ◽  
Diana Jaworska

2021 ◽  
pp. 1-26
Author(s):  
Jin Sun ◽  
Dan Zhu ◽  
Eckhard Platen

ABSTRACT Target date funds (TDFs) are becoming increasingly popular investment choices among investors with long-term prospects. Examples include members of superannuation funds seeking to save for retirement at a given age. TDFs provide efficient risk exposures to a diversified range of asset classes that dynamically match the risk profile of the investment payoff as the investors age. This is often achieved by making increasingly conservative asset allocations over time as the retirement date approaches. Such dynamically evolving allocation strategies for TDFs are often referred to as glide paths. We propose a systematic approach to the design of optimal TDF glide paths implied by retirement dates and risk preferences and construct the corresponding dynamic asset allocation strategy that delivers the optimal payoffs at minimal costs. The TDF strategies we propose are dynamic portfolios consisting of units of the growth-optimal portfolio (GP) and the risk-free asset. Here, the GP is often approximated by a well-diversified index of multiple risky assets. We backtest the TDF strategies with the historical returns of the S&P500 total return index serving as the GP approximation.


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