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How do the benefits of higher education compare with its costs, and
how does this comparison vary across individuals and institutions?
These questions are fundamental to quantifying the productivity of
the education sector. The studies in Productivity in Higher
Education use rich and novel administrative data, modern
econometric methods, and careful institutional analysis to explore
productivity issues. The authors examine the returns to
undergraduate education, differences in costs by major, the
productivity of for-profit schools, the productivity of various
types of faculty and of outcomes, the effects of online education
on the higher education market, and the ways in which the
productivity of different institutions responds to market forces.
The analyses recognize five key challenges to assessing
productivity in higher education: the potential for multiple
student outcomes in terms of skills, earnings, invention, and
employment; the fact that colleges and universities are
"multiproduct" firms that conduct varied activities across many
domains; the fact that students select which school to attend based
in part on their aptitude; the difficulty of attributing outcomes
to individual institutions when students attend more than one; and
the possibility that some of the benefits of higher education may
arise from the system as a whole rather than from a single
institution. The findings and the approaches illustrated can
facilitate decision-making processes in higher education.
Aspiring college students and their families have many options. A
student can attend an in-state or an out-of-state school, a public
or private college, a two-year community college program or a
four-year university program. Students can attend full-time and
have a bachelor of arts degree by the age of twenty-three or mix
college and work, progressing toward a degree more slowly. To make
matters more complicated, the array of financial aid available is
more complex than ever. Students and their families must weigh
federal grants, state merit scholarships, college tax credits, and
college savings accounts, just to name a few.
In "College Choices," Caroline Hoxby and a distinguished group of
economists show how students and their families really make college
decisions--how they respond to financial aid options, how peer
relationships figure in the decision-making process, and even
whether they need mentoring to get through the admissions process.
Students of all sorts are considered--from poor students, who may
struggle with applications and whether to continue on to college,
to high aptitude students who are offered "free rides" at elite
schools. "College Choices" utilizes the best methods and latest
data to analyze the college decision-making process, while
explaining how changes in aid and admissions practices inform those
decisions as well.
The recent financial crisis had a profound effect on both public
and private universities, which faced shrinking endowments,
declining charitable contributions, and reductions in government
support. Universities responded to these stresses in different
ways. This volume presents new evidence on the nature of these
responses and how the incentives and constraints facing different
institutions affected their behavior. The contributors look at the
role of endowments in university finances and the interaction of
spending policies, asset allocation strategies, and investment
opportunities to show how universities' behavior can be modeled
using economic principles.
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