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- W2184100448 abstract "A rich tradition in economics is the examination of issues in the economics of higher education. The most prominent members of the profession are associated with universities: it would be surprising if higher education were not a frequent object of professional scrutiny. On the other hand, most of that literature focuses upon issues in higher education or classroom and course content or the economic effects of higher education; very little examines the university as a firm or the market for higher education. These latter subjects are natural objects of professional interest. However, the nature of these firms and their market presents difficulties that complicate any economic analysis. This paper suggests a “matching” model of the market for higher education which captures some of these complications and reflects several of the industry’s stylized facts. It considers the objectives and structure of the industry and its firms which is less obvious than that for industries such as manufacturing. It also notes other complications such as the public goods nature of its most important outputs, its interest in generating significant excess demand, the relatively minor role of pricing and the major problem of bilateral asymmetric information. It suggests an extension of the market idea to an international higher education market, which may be emerging in Europe, where additional issues such as the inefficiency of the lack of a common language and the clash of intellectual traditions become relevant." @default.
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- W2184100448 date "2004-01-01" @default.
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- W2184100448 title "Toward A Theory of the Market for Higher Education" @default.
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