NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Education, Information, and Efficiency

Finis Welch

NBER Working Paper No. 1
Issued in June 1973

This represents two chapters of a proposed book co-authored by Bob Evenson and myself. The subject is relationships between agricultural productivity, research and information. The first chapter of this part is concerned with the "theory" of the value of information. Among other things, the Bayesian learning model is used as a vehicle for describing optimal learning from experience. The second chapter presents results for a number of empirical studies concerned with relationships between education and allocative efficiency. Section I is reprinted from my J.P.E. paper "Education in Production". Section II is the "Scale Economy" paper of mine which has existed in various unpublished versions for two years now. The final section summarizes recent discussions by Wallace Huffman (Chicago), Nabil Khaloi (SMU) and Charles Fane (Harvard).

download in pdf format
   (2325 K)

download in djvu format
   (1225 K)

email paper

Supplementary materials for this paper:

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w0001

Users who downloaded this paper also downloaded* these:
Chiswick w0002 Hospital Utilization: An Analysis of SMSA Differences in Hospital Admission Rates, Occupancy Rates and Bed Rates
Feenberg w0000 NBER WORKING PAPERS ONLINE TEST DOCUMENT
Arora w0003 Error Components Regression Models and Their Applications
Solmon w0007 The Definition and Impact of College Quality
Lillard w0004 Human Capital Life Cycle of Earnings Models: A Specific Solution and Estimation
 
Publications
Activities
Meetings
NBER Videos
Themes
Data
People
About

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us