Economics of Higher Education Background Concepts and Applications 1st edition by Robert Toutkoushian, Michael Paulsen ISBN 9401775044 978-9401775045

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ISBN 10:  9401775044  
ISBN 13:  978-9401775045
Author: Robert K. Toutkoushian, Michael B. Paulsen

This book examines the many ways in which economic concepts, theories and models can be used to examine issues in higher education. The topics explored in the book include how students make college-going decisions, the payoffs to students and society from going to college, markets for higher education services, demand and supply in markets for higher education, why and how state and federal governments intervene in higher education markets, college and university revenues and expenditures, how institutions use net-pricing strategies and non-price product-differentiation strategies to pursue their goals and to compete in higher education markets, as well as issues related to faculty labor markets. The book is written for both economists and non-economists who study higher education issues and provides readers with background information and thorough explanations and illustrations of key economic concepts. In addition to reviewing the contributions economists have made to the studyof higher education, it also examines recent research in each of the major topical areas. The book is policy-focused and each chapter analyses how contemporary higher education policies affect the behaviour of students, faculty and/or institutions of higher education.

 

“Toutkoushian and Paulsen attempted a daunting task: to write a book on the economics of higher education for non-economists that is also useful to economists. A book that could be used for reference and as a textbook for higher education classes in economics, finance, and policy. They accomplish this tough balancing act with stunning success in a large volume that will serve as the go-to place for anyone interested in the history and current thinking on the economics of higher education.”

William E. Becker, Jr., Professor Emeritus of Economics, Indiana University

Economics of Higher Education Background Concepts and Applications 1st  Table of contents:

Chapter 1: Introduction

Chapter 2: Overview of Economic Reasoning and Terminology

Introduction

Background

How Economists Think and Do Their Work

Assumptions, Assumptions

Review of Key Economic Concepts

Comparative Statics

Marginal Analysis

Demand, Supply, and Competitive Markets

Higher Education Markets

Final Thoughts

Chapter 3: Student Investment in Higher Education

Introduction

Background

Private Costs of College

Private Benefits of College

Net Present Value of College

A Five-Stage Model of the College Choice Process

Extensions

Policy Focus

Final Thoughts

Glossary

Chapter 4: Private and Social Returns to Higher Education

Introduction

Background

Conducting Return on Higher Education Studies

Aggregate-Level Studies of the Return to College

Private Return to Graduating College

Social Return to Graduating College

Return to Earning an Associate´s Degrees

Return to Earning a Graduate Degree

Private and Social Returns to Attending College

Comparisons of Measures of Return to College

Methodological Issues in Aggregate-Level Studies

Findings from Aggregate-Level Studies

Return to Bachelor´s Degrees

Return to Associate´s Degrees

Return to Graduate Degrees

New Estimates of the Return to College

Individual-Level Studies of the Return to College

Extensions

Policy Focus

Student Loans and Borrowing

Final Thoughts

Glossary

Chapter 5: Demand and Supply in Higher Education

Introduction

Background

Demand for Higher Education

Market Demand for Postsecondary Education

Changes in Quantity Demanded

Changes in Demand

Supply of Postsecondary Education

Changes in Quantity Supplied

Changes in Supply

Equilibrium in Postsecondary Markets

Changes in Equilibrium

Elasticity Measures in Postsecondary Markets

Own-Price Elasticity of Demand

Own-Price Elasticity of Supply

Cross-Price Elasticity of Demand

Income Elasticity of Demand

Issues in Measuring Elasticity

Extensions

Alternative Measures of Demand

Quasi-Experimental Methods

Policy Focus

State Broad-Based Merit Aid

Growth of For-Profit Higher Education Sector

Final Thoughts

Glossary

Chapter 6: The Role of Government in Higher Education

Introduction

Background

Public Goods and Externalities in Education

Positive Externalities and Higher Education

Consumer and Producer Surplus

Positive Externalities

Government Intervention and Externalities

Marginal Cost and Benefit Analysis of Government Intervention

Uniform Subsidies

Non-uniform Subsidies

Extensions

Policy Focus

High-Tuition/High-Aid vs. Low-Tuition/Low-Aid

Sharing the Cost of Higher Education

Final Thoughts

Glossary

Chapter 7: Higher Education Revenues and Expenditures

Introduction

Background

Economic Analysis of Revenues

Economic Analysis of Expenditures

Extensions

Policy Focus

Final Thoughts

Glossary

Chapter 8: Competition and Production in Higher Education

Introduction

Background

Goals and Objectives of Postsecondary Institutions

Postsecondary Education Markets

Market Structures

Competition in Postsecondary Markets

Measuring Market Competition

Price Competition

Non-price Competition

Postsecondary Production Functions

Mathematical Production Functions

Extensions

Policy Focus

Final Thoughts

Glossary

Chapter 9: Labor Economics and Higher Education

Introduction

Background

Academic Labor Markets

Labor Demand for Faculty

Labor Supply of Faculty

Equilibrium Wages and Employment of Faculty

Changes in Faculty Salaries and Employment Levels

Shifts in the Demand for Faculty

Shifts in the Supply of Faculty

Historical Changes in Academic Labor Markets

Shifts in Demand for Faculty Labor

Shifts in Supply of Faculty Labor

Changes in Salaries and Employment

Academic Labor Market Differences by Field

Faculty Pay

Human Capital and Faculty

Determinants of Faculty Pay

Non-Human Capital Differences in Faculty Pay

Extensions

Policy Focus

Final Thoughts

Glossary

Chapter 10: Current and Emerging Research on Economics of Higher Education

Research on Investment in Human Capital and College Choice

Research on Rates of Return to Higher Education

Research on Demand and Supply for Higher Education

Research on Positive Externalities and Government Intervention

Research on Higher Education Revenues and Expenditures

Research on Higher Education Competition and Production

Research on Labor Issues for Faculty

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Robert Toutkoushian,Michael Paulsen,Economics,Higher Education