On the Efficiency of a Competitive Equilibrium with Education as a Screening Device.

On the Efficiency of a Competitive Equilibrium with Education as a Screening Device.

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Develops an alternative to the models of Kenneth J. Arrow (1973) and A. Michael Spence (1973, 1974), models in which an employer uses education to identify (screen) pre-existing differences in abilities of prospective workers. This paper demonstrates...