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13 Jan 2009: The Efficient Market Hypothesis in economics has long claimed that markets select for rational expectations. ... It is unlikely. Population statistics such as ours give average effects over a population but can be tricky when applied to individuals.

3 Dec 2009: Email: monazza.aslam@economics.ox.ac.uk. 1 I thank Geeta Kingdon for the ideas, discussions, comments and suggestions that resulted in this paper. ... This paper has also substantially benefited from comments by Harold Alderman, John Knight, Francis Teal,

3 Dec 2009: Figure 1shows the different combinations of private and publicoperation and funding of education. ... of. Economics and Statistics, 58, No.1: 55-80, February 1996. Kingdon, Geeta G.

3 Dec 2009: Ballou, Dale (2001) “Pay for Performance in Public and Private Schools”, Economics of Education Review, 20, pp. ... 22. School Resources, Review of Economics and Statistics; 78(4): 611-27, November.

3 Dec 2009: Email: monazza.aslam@economics.ox.ac.uk. 1 I thank Geeta Kingdon for the ideas, discussions, comments and suggestions that resulted in this paper. ... This paper has also substantially benefited from comments by Harold Alderman, John Knight, Francis Teal,

3 Dec 2009: Behrman, J. R., and B. Wolfe. 1984. “The Socio-economic Impact of Schooling in a Developing Country.” Review of Economics and Statistics 66 (2): 296–303. ... The Case of Indonesian Labour Markets.” Oxford Bulletin of Economics and Statistics 57 (1

3 Dec 2009: Oxford Bulletin of Economics and Statistics 58(1), 185-210.Patrinos, H.A., C. Ridao-Cano & Sakellariou, C. ... Oxford Bulletin ofEconomics and Statistics, 68 (3), 261-288.Vasudeva-Dutta, P. (2006). Returns to Education: New Evidence for India: 1983-1999.

3 Dec 2009: in schooling and educational expenditure allocations within households. 4. Data, Samples and Descriptive Statistics. ... the descriptive statistics and although not directly comparable, are also consistent with Aslam.

3 Dec 2009: Figure 1shows the different combinations of private and publicoperation and funding of education. ... of. Economics and Statistics, 58, No.1: 55-80, February 1996. Kingdon, Geeta G.

3 Dec 2009: Table 6.1 shows that according to official statistics, in 1993, only 2.8%. ... expenditure was 96.7% in 1981–82 (table 6.4). Comparable expenditure. breakdowns are not available for private schools since official statistics.