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Peer Effects and the Promise of Social Mobility

Peer Effects and the Promise of Social Mobility PDF Author: Chris Bidner
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Languages : en
Pages : 0

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Book Description
I analyze a model of human capital development in the presence of peer effects. Parents invest in their child, and this investment conveys a positive externality upon the child's peers. Parents also acquire wealth, which i) finances consumption, and ii) determines a child's peer group. I show how the freedom to compete for desirable peers exacerbates the natural underinvestment problem. The analysis thereby produces a general equilibrium framework in which the inefficiencies displayed in a rat-race interact with those stressed in the multi-tasking literature. I consider an extension in which both wealth and parental investment are observed with noise.