PRICED OUT: AGGREGATE INCOME SHOCKS AND SCHOOL PRICING IN THE CHILEAN VOUCHER MARKET
研究了智利教育券市场中，收入上升导致私立学校提价并减少招生，尤其影响低社会经济地位学生，且这些学生未获得与高社会经济地位学生同等的成绩提升。
This paper studies private school market behavior. If school quality is a normal good and schools have market power, profit‐maximizing schools may lower enrollment when incomes rise given parents' preferences for small class sizes and high‐socioeconomic status (SES) classmates. To demonstrate the possibility of such a response, I present simulations based on a stylized model of school pricing. Using data on local income variation in Chile, I show that positive income shocks cause private school prices to rise and enrollments to fall. Enrollment declines are concentrated among low‐SES students, who do not experience the same test score gains as their higher‐SES peers.