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Youth Wages, Risk, and Tertiary Finance Arrangements

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  • PAUL MILLER
  • PAUL VOLKER

Abstract

Human capital earnings functions typically explain a small fraction of the total variation in earnings. The considerable uncertainty associated with expected future earnings streams enhances the desirability of a loans scheme for higher education possessing income contingent characteristics on the repayment side. The Higher Education Contribution Scheme (HECS) possesses this feature The profitability of higher education even after taking account of the HECS suggests there is scope for higher student contributions. Other possible modifications to the HECS include higher repayment rates, a change to the tax base, and a minimum repayment amount

Suggested Citation

  • Paul Miller & Paul Volker, 1993. "Youth Wages, Risk, and Tertiary Finance Arrangements," The Economic Record, The Economic Society of Australia, vol. 69(1), pages 20-33, March.
    • Handle: RePEc:bla:ecorec:v:69:y:1993:i:1:p:20-33
    DOI: 10.1111/j.1475-4932.1993.tb01795.x
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    References listed on IDEAS

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    Cited by:

    1. Frank Kupferschmidt & Berthold U. Wigger, 2006. "Öffentliche versus private Finanzierung der Hochschulbildung: Effizienz‐ und Verteilungsaspekte," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 7(2), pages 285-307, May.
    2. A. Preston, 1996. "Where Are We Now With Human Capital Theory in Australia?," Economics Discussion / Working Papers 96-18, The University of Western Australia, Department of Economics.
    3. Jeff Borland & Anthony Suen, 1994. "The Experience‐Earnings Profile in Australia," The Economic Record, The Economic Society of Australia, vol. 70(208), pages 44-55, March.
    4. Berthold U. Wigger & Robert K. von Weizs?cker, 2001. "Risk, Resources, and Education: Public Versus Private Financing of Higher Education," IMF Staff Papers, Palgrave Macmillan, vol. 48(3), pages 1-6.

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