NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Is Education Consumption or Investment? Implications for the Effect of School Competition

W. Bentley MacLeod, Miguel Urquiola

NBER Working Paper No. 25117
Issued in October 2018, Revised in April 2019

---- Acknowledgments ----

For useful comments we are grateful to Evan Riehl, Juan Saavedra, and an anonymous referee. For excellent research assistance we thank Sakshi Gupta. All remaining errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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