Studies of Supply and Demand in Higher EducationCharles T. Clotfelter, Michael Rothschild In the United States today, there are some 3,400 separately governed colleges and universities, amounting to a higher education industry with expenditures that constitute 2.8% of the gross national product. Yet, the economic issues affecting this industry have been paid relatively little attention. In this collection of eight essays, experts in economics and education bring economic analysis to bear on such underexamined topics as the nature of competition in higher education, higher education's use of resources, and who chooses to purchase what kind of education and why. In higher education, supply refers to such issues as government support for public colleges and universities, the means by which graduate programs allocate financial support to students, and the criteria that universities use for investing endowments. Demand pertains to patterns of student enrollment and to the government, business, and individual market for the service and research activities of higher education. Why are tuitions nearly the same among schools despite differences in prestige? How are institutions with small endowments able to compete successfully with institutions that have huge endowments? How are race and ethnicity reflected in enrollment trends? Where do the best students go? What choices among colleges do young people from low-income backgrounds face? This volume addresses these questions and suggests subjects for further study of the economics of higher education. |
Contents
| 1 | |
1 The University in the Marketplace Some Insights and Some Puzzles | 11 |
2 Adolescent Econometricians How Do Youth Infer the Returns to Schooling? | 43 |
3 Trends in College Entry among Whites Blacks and Hispanics | 61 |
4 The Growing Concentration of Top Students at Elite Schools | 121 |
5 Future Graduate Study and Academic Careers | 145 |
6 How Would Universities Respond to Increased Federal Support for Graduate Students? | 183 |
7 Optimal Investment Strategies for University Endowment Funds | 211 |
8 Public Choices in Public Higher Education | 243 |
Contributors | 285 |
Author Index | 287 |
| 291 | |
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Studies of Supply and Demand in Higher Education Charles T. Clotfelter,Michael Rothschild No preview available - 1993 |
Common terms and phrases
academic career allocation analysis assistantships B₂ behavior blacks cash flows chances of college changes choice COFHE college entry chances competition Conditional probability costs demand dependency status differences econometrician economic effect elite schools endowment Enrollment per capita enrollment rates equation estimates expectations expenditure external support faculty family income federal fields four-year FTSEG students supported graduate school graduate students Harvard Hauser high school graduates higher education Hispanics household increase institutional funds investment Itô's Lemma levels Log-Odds Manski marginal costs Martin Feldstein Merton Michael Rothschild moving averages National National Science Foundation NLSY nondependent nonendowment assets number of FTSEG number of students October CPS Onlyac optimal percent population portfolio price discrimination private enrollment public enrollment public higher education race-ethnicity racial-ethnic group regression schooling choices senior survey social background sources statistically tion top students Total trends in college Trueac tuition two-year university's variables youth
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