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We consider anintergenerational and educational investment stochastic model to determine theeffects of efficacy in education on affluence over time. Efficacy in education,defined by the success probability of intergenerational education, seriouslyaffects the affluence in the long run of families concerned with the prosperityof descendants. This is because since lenders of educational investment fundscannot take collateral for humanitarian reasons, families without sufficientwealth are excluded from educational opportunities. If education is moreeffective, the accumulation of wealth releases more households from the threatof bankruptcy in the future.

KEYWORDS

Eficacy in Education, Intergenerational Wellbeing, Lexicographic Utility, Social Stratification, Pedagogical Skills, Random Walk with One-Sided Absorbing Barrier

Cite this paper

Otaki, M. 2014 Efficacy in Education and Intergenerational Wellbeing. Theoretical Economics Letters, 4, 183-189. doi: 10.4236-tel.2014.43026.





Author: Masayuki Otaki

Source: http://www.scirp.org/



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