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The use of private tutoring to enhance academic outcomes has proliferated across the globe over recent decades. Despite increased scholarly interest in these so-called shadow education activities, the understanding of how education system features relate to the prevalence of shadow education is relatively limited. Moreover, regional variation of private tutoring within countries remains largely overlooked. This study exploits the federalist structure of Switzerland's education system to investigate how education system features incentivise or discourage participation in private tutoring. Based on a subjective expected utility framework and drawing on data from two large-scale assessment studies, the analyses reveal a substantial regional variation in participation rates in private tutoring. Multilevel regression models provide evidence that the institutional modalities of selection into general secondary education contribute to this variation and the social inequalities in the use of private tutoring. • Private tutoring has seen a rapid expansion worldwide over recent years. • This study examines regional variation in participation in private tutoring. • The study exploits the federalist structure of Switzerland's education system. • The prevalence of private tutoring varies strongly across Swiss cantons. • Education system features in Swiss cantons contribute to this variation [ABSTRACT FROM AUTHOR]

We model the optimal choice of the contract terms of a foreign exchange risk sharing supply contract between a buyer and supplier who are located in two different countries, when the supplier quotes a wholesale price in its currency, and both parties are mean variance expected utility maximizers. We extend the model to examine alternatives to the risk sharing contract, which are the wholesale price contract without risk hedging and a wholesale price contract with transfer of risk by the buyer to an options dealer. We empirically apply the model, to two different currencies of the supplier, by assuming that the buyer is based in the U.S., while the supplier is based in one of two countries, which are Switzerland and the U.K. Our results show that the performance of the risk sharing contract provides a substantial improvement in the total expected utility of both partners to the contract, over both the wholesale price contract without risk hedging and the risk transfer contract. [ABSTRACT FROM AUTHOR]