In 1981, Paris and Wilkie [28] indicated it was an open question whether IΣ0 would satisfy the Second Incompleteness Theorem for Herbrand deduction. We will show that some specially formulated axiomizations for IΣ0 can evade the Herbrandized version of the Second Incompleteness Theorem.

Opening remarks Frequently one starts a presentation with the expression, "It is a great honour to be here," and thinks of it as little more than a polite form of words. This is not the case for me today. I am very conscious of the honour of giving this lecture and the honour we do to our founding President Knud Jansen. I am grateful to the Executive Board for their support and to the President...

Attending college seems to be a profitable and affordable investment in the US. Nevertheless, a number of academically talented young people still hesitate to attend college. This puzzle motivates this paper to test for whether college education is a risky investment. To measure the riskiness of college attendance, I estimate the risk differential in earnings between college attendees and high ...

This paper studies rigidities in sharing joint payoffs (non-transferability) as a source of excessive segregation in labor or education markets. The resulting distortions in ex-ante investments, such as education acquisition, link such mismatches to the possibility of simultaneous under-investment by the underprivileged and over-investment by the privileged. This creates an economic rationale f...

Models of investment and borrowing for education typically treat the family as a unitary decision-maker. Doing so may conceal the nature of borrowing constraints, since adults with college-age children are likely at a life-cycle stage where credit constraints are not important. We instead propose a simple model of altruistic parents and a child where both parties can make investments for educat...

This study considers uncertainty about the number of surviving children. Under prohibition of child labor, a higher survival probability of a child can increase opportunities for education investment as the fertility rate declines with a temporary increase in the number of surviving children. However, per capita GDP may decrease until the start of education investment. When people accumulate th...

Those who live in isolated communities often lack reliable, skilled employment opportunities, which fundamentally undermines their human security. For individuals who wish to remain in their isolated communities for family, religious, philosophical or other reasons, their attachment to their communities creates a disincentive for higher education. This promotes low educational achievement, whic...

The paper considers what lessons might be learned from the past decade of investment in new technology in education in the United Kingdom. Research in the UK suggests that ICT is not, as many politicians and policy makers have suggested, an unproblematic educational miracle, and a number of studies have pointed to the disappointing returns and uncertain benefits of the massive investment in ICT...

I study the allocation of human capital in an economy with production externalities, financial constraints and career choices. Agents choose to become entrepreneurs, workers or financiers. Entrepreneurship has positive externalities, but innovators face borrowing constraints and require the services of financiers in order to invest efficiently. When investment and education subsidies are chosen...