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What Can Be (And What Has Been) Learned From General Equilibrium Simulation Models of School Finance?

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  • Nechyba, Thomas J.

Abstract

This paper synthesizes some initial lessons from an emerging school finance literature that employs computational structural models to investigate different policy proposals. The advantage of such models lies in their ability to fully trace out the general equilibrium effects of policies within an internally consistent and empirically relevant economic framework. Results in this literature suggest that a full general equilibrium analysis may lead to outcomes that differ substantially from those predicted by partial equilibrium models. At the same time, there is considerable room for further research that can both inform and be informed by more standard empirical research.

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  • Nechyba, Thomas J., 2003. "What Can Be (And What Has Been) Learned From General Equilibrium Simulation Models of School Finance?," National Tax Journal, National Tax Association;National Tax Journal, vol. 56(2), pages 387-414, June.
    • Handle: RePEc:ntj:journl:v:56:y:2003:i:2:p:387-414
    DOI: 10.17310/ntj.2003.2.06
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    1. Brunner, Eric & Sonstelie, Jon, 2003. "Homeowners, property values, and the political economy of the school voucher," Journal of Urban Economics, Elsevier, vol. 54(2), pages 239-257, September.
    2. Caroline M. Hoxby, 2003. "The Economics of School Choice," NBER Books, National Bureau of Economic Research, Inc, number hox03-1.
    3. Dennis Epple & Richard Romano, 2008. "Educational Vouchers And Cream Skimming," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 49(4), pages 1395-1435, November.
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    5. Fischel, William A., 1989. "Did Serrano Cause Proposition 13?," National Tax Journal, National Tax Association, vol. 42(4), pages 465-73, December.
    6. Raquel Fernandez & Richard Rogerson, 2003. "School Vouchers as a Redistributive Device. An Analysis of Three Alternative Systems," NBER Chapters, in: The Economics of School Choice, pages 195-226, National Bureau of Economic Research, Inc.
    7. Bearse, Peter & Glomm, Gerhard & Ravikumar, B., 2000. "On the political economy of means-tested education vouchers," European Economic Review, Elsevier, vol. 44(4-6), pages 904-915, May.
    8. Fischel, William A., 1989. "Did Serrano Cause Proposition 13?," National Tax Journal, National Tax Association;National Tax Journal, vol. 42(4), pages 465-473, December.
    9. Brunner, Eric & Sonstelie, Jon & Thayer, Mark, 2001. "Capitalization and the Voucher: An Analysis of Precinct Returns from California's Proposition 174," Journal of Urban Economics, Elsevier, vol. 50(3), pages 517-536, November.
    10. Elizabeth M. Caucutt, 2001. "Peer group effects in applied general equilibrium," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 17(1), pages 25-51.
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    Cited by:

    1. Reback, Randall, 2005. "House prices and the provision of local public services: capitalization under school choice programs," Journal of Urban Economics, Elsevier, vol. 57(2), pages 275-301, March.
    2. Clive R. Belfield, 2005. "Education vouchers and the Cleveland Scholarship Program," Proceedings, Federal Reserve Bank of Cleveland, pages 9-14.

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