Economics of Education 1st edition by Michael Lovenheim, Sarah E. Turner – Ebook PDF Instand Download/DeliveryISBN: 1319358705, 9781319358709
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ISBN-10 : 1319358705
ISBN-13 : 9781319358709
Author: Michael Lovenheim, Sarah E. Turner
While there are many great research articles, good books, and provocative policy analyses related to the economics of education, these materials are often written to influence the policy process and not necessarily for students with limited knowledge of the underlying policies and the economic framework. This textbook is intended to serve as a foundation for a broad-based course on the economics of education. Its goal is to provide an overview of economics of education research: to lay out the evidence as clearly as possible, note agreements, disagreements, and unresolved points in literature, and to help students develop the tools necessary to draw their own conclusions.
Economics of Education 1st edition Table of contents:
- Part I. Introduction and Background
- Chapter 1 Why Do Economists Study Education Policy?
- Prelude The U.S. Educational Attainment Gap
- 1.1 Defining the Economics of Education
- What Is Education?
- What Is Economics?
- 1.2 Studying the Economics of Education
- Scientific Method and the Economics of Education
- Questions for the Economics of Education
- Markets in Education
- 1.3 What Can Economics Teach Us About Education Policies?
- The Different Types of Education Policies
- Policies as a Set of Incentives
- 1.4 The Road Ahead: Objectives and Organization of the Book
- 1.5 Conclusion
- Chapter 2 The Structure and History of Education Markets in the United States
- Prelude The Education of Benjamin Franklin
- 2.1 Defining Education Markets
- The Levels of Education in the United States
- Deep Dive: International Schooling Comparisons
- Providers in Education Markets
- Arguments for the Role of Government and Nonprofits in Education
- 2.2 The Roles of Government in Education
- Regulations and Mandates in Education
- Public Funding for Education
- 2.3 Development of Education Institutions and Attainment in the United States
- Mid-Nineteenth Century: The Common School Movement
- 1910–1940: The High School Movement
- 1940–1975: Expansion at the Postsecondary Level
- 1975–Today: The Growth in Demand for Skills and the Shift to Market-Based Schooling Policies
- 2.4 Conclusion
- Chapter 3 Empirical Tools of Education Economics
- Prelude Why Does College Enrollment Differ by Family Income?
- 3.1 Descriptive Evidence and the Distinction Between Correlation and Causation
- Toolbox: Descriptive Statistics
- Deep Dive: Why Is It Important to Distinguish Correlation from Causation?
- 3.2 Randomized Control Trials: The Experimental Ideal
- 3.3 Nonexperimental Methods
- Regression Analysis
- Toolbox: Omitted Variables Bias
- Policy Changes and the Difference-in-Difference Approach
- Instrumental Variables
- Regression Discontinuity: Examining Sharp Breaks
- 3.4 Conclusion
- Part II. The Foundations of Education Production and Investment
- Chapter 4 The Human Capital Model
- Prelude The Education Investment Decisions of Morgan and Stanley
- 4.1 What Is Human Capital?
- 4.2 The Costs and Benefits of an Education
- 4.3 Basic Setup of the Human Capital Model
- Toolbox: Present Value and Compound Interest
- 4.4 Present Value Formulation and Educational Investments
- 4.5 Predictions from the Investment Model of Education
- Changes in Direct Costs
- Changes in Indirect Costs
- Changes in Benefits
- 4.6 Continuous Schooling Choices
- Toolbox: Calculating Marginal Rates of Return: The Mincer Formulation
- 4.7 Why Does Educational Attainment Differ Among Individuals?
- People Differ in Their Ability to Finance Direct Costs
- People Differ in the Benefits They Receive from Education
- Policy Implications of Differences in Attainment
- 4.8 Conclusion
- Chapter 5 The Signaling Model: An Alternative to the Human Capital Framework
- Prelude How Would You Hire the Best Workers?
- 5.1 The Motivation for the Signaling Model
- 5.2 Setup of the Signaling Model
- 5.3 Signaling Model Equilibrium
- Separating Equilibrium
- Pooling Equilibrium
- 5.4 Signals and Indices
- 5.5 The Importance of Distinguishing Between the Human Capital and Signaling Models
- The Private and Social Returns to Education
- 5.6 Empirical Evidence on Signaling Models
- Distinguishing Between Human Capital and Signaling Models
- Empirical Evidence
- Deep Dive: Estimating the Labor Market Signaling Value of a GED
- Deep Dive: Estimating the Labor Market Signaling Value of a High School Diploma
- Deep Dive: Sheepskin Effects in the Returns to Education
- 5.7 Conclusion
- Chapter 6 The Returns to Education Investment
- Prelude Is Investing in Education “Worth It”
- 6.1 The Difficulty of Estimating the Causal Effect of Education on Earnings
- Selection When Ability Is One-Dimensional
- Toolbox: Ability Bias in Estimating the Returns to Education
- Selection When Ability is Multidimensional
- 6.2 Empirical Evidence on the Private Returns to Educational Attainment
- The Mincer Equation
- Modern Approaches to Estimating the Private Returns to Schooling
- Deep Dive: Estimating the Returns to Education Using Data on Identical Twins
- Deep Dive: Estimating the Returns to Education Using “Random” Variation in Education from Quarter of Birth
- 6.3 Empirical Evidence on the Social Returns to Educational Attainment
- 6.4 Empirical Evidence on the Private Returns to Education Quality
- Defining College Quality
- Estimating the Causal Effect of College Quality on Earnings
- Deep Dive: The Returns to Two- and Four-Year Colleges
- Deep Dive: Estimating the Return to College Quality Using a Regression Discontinuity Design
- Why Is There a Return to College Quality?
- 6.5 Conclusion
- Chapter 7 How Knowledge Is Produced: The Education Production Function
- Prelude Knowledge Production Versus the Production of Computers
- 7.1 Microeconomics of Production Functions
- The Production Function
- Choosing Input Levels
- Toolbox: The Efficient Allocation of Inputs
- Deep Dive: Technology in the Classroom: Changing Input Prices and Education Production
- The Education Production Function with Many Inputs
- 7.2 Implications for Education Policy
- Different Types of Education Policies
- Theoretical Arguments for Different Education Policies
- 7.3 Challenges to Estimating Education Production Functions
- Measuring Inputs
- Measuring Outputs
- Specifying the Production Process
- Choosing the Unit of Analysis
- 7.4 Conclusion
- Part III. Elementary and Secondary Education Policy
- Chapter 8 The Financing of Local Public Schools
- Prelude Serrano v. Priest
- 8.1 School Financing in the United States: Trends and Levels
- 8.2 Local School Choice: Voting with Your Feet
- The Free Rider Problem
- The Tiebout Model
- Challenges for the Tiebout Model
- Empirical Evidence on Tiebout Sorting
- 8.3 The School Finance Reform Movement
- Local Versus Centralized Financing
- Judicial Action and Legislative Response
- 8.4 Forms of School Finance Centralization and Aid
- The Community Budget Constraint
- Block and Matching Grants
- Actual State Aid Formulas
- Paying for School Finance Equalization
- Deep Dive: “Robin Hood and His Not So Merry Plan”
- School Finance Reform in Practice
- 8.5 Conclusion
- Chapter 9 Does Money Matter? The Relationship Between Education Inputs and Educational Outcomes
- Prelude The Coleman Report
- 9.1 The Hanushek Critique
- The Relationship Between Total Resource Policies and Outcomes
- Deep Dive: The Relationship Between State Spending and Student Test Scores
- Explanations for Small Total Resource Effects
- Measurement Problems in Capturing Resource Effects
- Deep Dive: The Effects of Education Resources on Long-Run Outcomes
- Deep Dive: The Effects of School Finance Reforms on Educational Outcomes
- 9.2 The Effect of Class Size Reduction Policies
- Project STAR
- Deep Dive: The Difficulty of Running a Social Experiment
- Deep Dive: Long-Run Class Size Effects
- Nonexperimental Class Size Studies
- Evidence from Policy Variation
- Deep Dive: The California Class Size Reduction Policy
- 9.3 Teacher Quality
- Value-Added and the Measurement of Teacher Quality
- Toolbox: Estimating Teacher Value-Added
- Deep Dive: Nonexperimental and Simulation Evidence on the Validity of Value-Added Models
- How Much Does Teacher Quality Matter?
- The Relationship Between Teacher Quality and Teacher Characteristics
- 9.4 Conclusion
- Chapter 10 School Choice: A Market-Based Approach to Education Reform
- Prelude The Founding of KIPP Schools
- 10.1 Economic Theory of School Choice
- Matching Student Demand and Local Public Schools
- Toolbox: Utility Maximization and Optimal Consumption Decisions
- Introducing School Choice Mechanisms
- The Supply Side of the Market and School Choice
- 10.2 School Choice Policies
- Charter Schools
- Open Enrollment
- Private and Parochial School Tuition Vouchers
- Magnet Schools
- Homeschooling
- 10.3 Effects of School Choice Policies on Student Outcomes
- The Role of Selection in School Choice Studies
- Empirical Evidence on the Effect of School Choice on Student Achievement
- Toolbox: Calculating the Intent to Treat and the Treatment Effect on the Treated
- Deep Dive: The Harlem Children’s Zone
- Deep Dive: Parental Information About School Quality and Open Enrollment Policies
- 10.4 Effects of School Choice Policies on Competition and Traditional Public Schools
- Empirical Challenges
- Evidence on How School Choice Policies Affect Competition and Traditional Public Schools
- 10.5 Conclusion
- Chapter 11 Test-Based Accountability Programs
- Prelude The Rise of Test-Based Accountability
- 11.1 Accountability: Measurement, Rewards, and Punishment
- What Is Test-Based Accountability?
- School Accountability in the United States
- Deep Dive: The Politics of Common Core Standards
- Deep Dive: The Design of No Child Left Behind
- 11.2 School Accountability Measures
- 11.3 Do School Accountability Policies Change Student Performance?
- The Effect of School Accountability Policies on Student Achievement
- Deep Dive: The Effect of the Florida Accountability System on Student Achievement
- Effects on the Distribution of Student Achievement
- Explaining Achievement Effects: School Responses to Accountability Pressure
- Unintended Effects: Evidence of Gaming and Cheating
- Deep Dive: How Schools and Teachers Respond to Accountability Pressure
- 11.4 Do Student Accountability Policies Change Student Performance?
- 11.5 Conclusion
- Chapter 12 Teacher Labor Markets
- Prelude Classrooms Without Teachers: The Teacher “Shortage” Problem
- 12.1 Supply and Demand in Teacher Labor Markets
- Teacher Supply, Demand, and Wage Schedules
- Compensating Differentials
- 12.2 Who Becomes a Teacher, and Does It Matter?
- The Roy Model and Occupational Choice
- Changes in the Composition of Teachers over Time
- Deep Dive: The Link Between Teacher Compensation and Student Outcomes
- Teacher Mobility over the Career Cycle
- 12.3 Teachers Unions
- What Are Teachers Unions?
- A Brief History of the Teacher Unionization and Collective Bargaining Movement
- The Structure of Union Contracts
- Evidence on the Effect of Unions on School Districts and Students
- 12.4 Teacher Incentive Pay
- The Principal–Agent Model
- Different Forms of Teacher Merit Pay
- Does Teacher Incentive Pay Affect Student Achievement?
- 12.5 Teacher Certification
- Deep Dive: The Effect of Teach for America Teachers on Student Achievement
- 12.6 Conclusion
- Part IV. Higher Education Policy
- Chapter 13 Market Dimensions of Higher Education in the United States
- Prelude The Higher Education Market in Chicago
- 13.1 What Do Universities Do?
- The University as a Firm
- The Government’s Role in Higher Education
- The Optimization Problem for Colleges and Universities
- 13.2 The History and Structure of Higher Education in the United States
- Eighteenth- and Nineteenth-Century Higher Education
- Deep Dive: The Founding of Cornell University
- Origins of United States Research Universities
- “Mass” Higher Education
- Twenty-First-Century Supply-Side Changes
- 13.3 The Financing of Higher Education
- Revenues and Expenses
- Higher Education Costs and Prices
- 13.4 Heterogeneity and Stratification in the Market for Higher Education
- Heterogeneity in Higher Education
- Stratification in Public Higher Education
- Stratification in Private Higher Education
- Competition and Stratification over Time in the Higher Education Market
- 13.5 Conclusion
- Chapter 14 Paying for College: Student Financial Aid Policies and Collegiate Enrollment
- Prelude Financing a College Investment
- 14.1 Inequality and Inefficiency in Collegiate Enrollment and Attainment
- Differences in College Investment by Income
- Short-Run Versus Long-Run Credit Constraints
- Empirical Evidence on Short-Run Credit Constraints
- Deep Dive: Credit Constraints and Housing Markets
- Other Barriers to Enrollment
- 14.2 The Structure of Financial Aid in the United States
- The Different Types of Aid Policies
- Federal Financial Aid
- Deep Dive: The Price of Borrowing
- Other Sources of Financial Aid
- Deep Dive: Place-Based “Promise” Programs
- How Is Need-Based Aid Determined?
- Deep Dive: Calculating Financial Aid Eligibility
- 14.3 The Effect of Net Price and Financial Aid on Behavior
- Empirical Framework and Estimation Challenges
- Federal Aid
- Deep Dive: The Role of Complexity and Student Knowledge
- State Merit Aid
- 14.4 Student Debt
- Levels and Trends of Student Debt
- Default and Repayment of Student Debt
- Repayment Alternatives
- 14.5 Conclusion
- Chapter 15 The Economics of College Life: Admissions, Peer Effects, and Graduation
- Prelude College Choices as Economic Choices
- 15.1 The Economics of College Choice
- College Application and Admissions
- Deep Dive: College Admissions Essays
- 15.2 Policies to Improve Matching Students and Colleges
- Early Decision and Early Action
- Race-Based Affirmative Action Policies
- 15.3 Peer and Student Inputs in Knowledge Production
- Peer Effects
- Working and Studying
- 15.4 Choosing a Major
- 15.5 College Completion
- 15.6 Conclusion
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