The Effects of Vouchers on Academic Achievement: Evidence from Chile’s Conditional Voucher Program Juan A. Correa David Inostroza Francisco Parro Loreto Reyes Gabriel Ugarte Universidad Andrés Bello Marzo

Abstract

Abstract We use data from Chile's conditional voucher program to test the e ects of vouchers on academic achievement. Conditional vouchers have delivered extra resources to low-income, vulnerable students since 2008. Moreover, under this scheme, additional resources are contingent on the completion of speci c scholastic goals. Using a di erence-in-di erences approach, we nd a positive and signi cant e ect of vouchers on standardized test scores. Additionally, our results highlight the importance of conditioning the delivery of resources to some speci c academic goals when frictions exist in the education market.