Does Quality Matter- An Hedonic Analysis of College Tuition Pric
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Does Quality Matter- An Hedonic Analysis of College Tuition Pric
QIUrsinus CollegeDigital Commons (a) Ursinus CollegeBusiness and Economics Honors PapersStudent Research39566Does Quality Matter? An Hedonic Analysis Does Quality Matter- An Hedonic Analysis of College Tuition Pric of College Tuition PriceJoshua DelanoL'ninus CollegeAdviser: Heather O'NeillFollow this and additional works at: https://digitaỉcommons.ursinus.edu/bus_econ_honÓ? Part of the Economics Commons, Education Economics Commons, and the Higher Education CommonsClick here to let us know how access to this Does Quality Matter- An Hedonic Analysis of College Tuition Pric document benefits you.Recommended CitationDelano, Joshua, 'Does Quality Matter' An Hedonic Analysis of College Tuition Price’ (2008). Business and EcDoes Quality Matter- An Hedonic Analysis of College Tuition Pric
onomics Honors Papers. 11.https://digitakoinmons.urMnus.edu/bus_econ_hon/11'Ihis. Paper K brought to you for free and open access by the Student RoearQIUrsinus CollegeDigital Commons (a) Ursinus CollegeBusiness and Economics Honors PapersStudent Research39566Does Quality Matter? An Hedonic Analysis Does Quality Matter- An Hedonic Analysis of College Tuition Pric Digital Commons id* tv»«nu» College. For more information, please contact apoxkl^ursinuxedu.Does Quality Matter? An Hedonic Analysis of College Tuition PriceJoshua Delano39566Submitted to the faculty of Ursinus College in fulfillment of the requirements for Honors in Business and EconomicsPage 12In Does Quality Matter- An Hedonic Analysis of College Tuition PrictroductionNearly eighteen million students are currently attending college—over the last decade college enrollment increased by about four million stuDoes Quality Matter- An Hedonic Analysis of College Tuition Pric
dents. According to CollcgcBoard's latest report on college pricing, over that same period tuition prices at private four-year institutions have increQIUrsinus CollegeDigital Commons (a) Ursinus CollegeBusiness and Economics Honors PapersStudent Research39566Does Quality Matter? An Hedonic Analysis Does Quality Matter- An Hedonic Analysis of College Tuition Pric each year over the same period (Baum & Ma. 2007). Additionally, federal student aid in the form of Pell grants showed increases from $7.9 billion in 1997-98 to SI 1.42 billion in 2001-02—an increase of 43% over five years.1 However in the five years following those increases Federal Pell Grant aid Does Quality Matter- An Hedonic Analysis of College Tuition Pricactually decreased by 1%. dropping from 13 billion in 2002-03 to 12.8 billion in 2006-07(Baum & Steele, 2007)? These trends caused the average net priDoes Quality Matter- An Hedonic Analysis of College Tuition Pric
ce paid by students to increase as well. As students continue to pay increasing amounts of money for then education, one would hope that the institutiQIUrsinus CollegeDigital Commons (a) Ursinus CollegeBusiness and Economics Honors PapersStudent Research39566Does Quality Matter? An Hedonic Analysis Does Quality Matter- An Hedonic Analysis of College Tuition Pricntinue attracting new potential applicants. They must find ways to showcase their schools in an effort to maintain enrollment to continue running their operations. However, some theorists, like Abbott & Leslie (2002). have shownIn constant 12006 > dollars.In constant (2Ơ06 > dollars.2Page 3that by s Does Quality Matter- An Hedonic Analysis of College Tuition Pricimply increasing the tuition or entrance standards5 at a particular institution, administrators are trying to elevate the perceived quality of the schDoes Quality Matter- An Hedonic Analysis of College Tuition Pric
ool with other schools with more elite reputations. This is known in economics as the Veblen effect. This effect is named after Thorstein Veblen, whosQIUrsinus CollegeDigital Commons (a) Ursinus CollegeBusiness and Economics Honors PapersStudent Research39566Does Quality Matter? An Hedonic Analysis Does Quality Matter- An Hedonic Analysis of College Tuition Pricts demand will increase as a direct function of its price (Leibenstein. 1950). Luxury cars and diamonds are goods which are often considered to be Veblen goods.Yet the concept of quality in an educational setting has no clear-cut definition. There are organizations such as The US News and World Repo Does Quality Matter- An Hedonic Analysis of College Tuition Pricrt or Newsweek that organize institutional data and compute rankings of colleges. These organizations use statistics provided by educational institutiDoes Quality Matter- An Hedonic Analysis of College Tuition Pric
ons often through the Common Data Set Initiative. This initiative is a collaboration by publishers of these rankings and the CollegeBoard as a means .QIUrsinus CollegeDigital Commons (a) Ursinus CollegeBusiness and Economics Honors PapersStudent Research39566Does Quality Matter? An Hedonic Analysis Does Quality Matter- An Hedonic Analysis of College Tuition Pricreporting burden on data providers”(www.commondataset.org). The rankings put out by these publishers utilize different aspects of the data available to them and establish different weights on many characteristics, which results in different rankings and views on quality by these organizations. For e Does Quality Matter- An Hedonic Analysis of College Tuition Pricxample. US News and World Report rankings base 10% of their ranking on the financial resources of the educational 3 *3 Abbott & Leslie examined univerDoes Quality Matter- An Hedonic Analysis of College Tuition Pric
sities in the UK and compared enrollment data with otherinstitutional statistics like entry grades which are similar to SAT Standards in the US systemQIUrsinus CollegeDigital Commons (a) Ursinus CollegeBusiness and Economics Honors PapersStudent Research39566Does Quality Matter? An Hedonic Analysis QIUrsinus CollegeDigital Commons (a) Ursinus CollegeBusiness and Economics Honors PapersStudent Research39566Does Quality Matter? An Hedonic AnalysisGọi ngay
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