Abstract
In this paper we estimate hedonic models of the (consumer) price of college to construct quality-adjusted net price indexes for U.S. four-year colleges, where the net price of college is defined as tuition and fees minus financial aid. For academic years 1990-91 to 1994-95, we find adjusting for financial aid leads to a 22 percent decline in the estimated price index for all four-year colleges, while quality adjusting the results leads to a further, albeit smaller, decline. Nevertheless, public comprehensive colleges, perhaps an important gateway to college for students from low-income backgrounds, experienced the largest net price increases.
Original language | English (US) |
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Pages (from-to) | 723-745 |
Number of pages | 23 |
Journal | Journal of Human Resources |
Volume | 39 |
Issue number | 3 |
DOIs | |
State | Published - 2004 |
Externally published | Yes |
ASJC Scopus subject areas
- Economics and Econometrics
- Strategy and Management
- Organizational Behavior and Human Resource Management
- Management of Technology and Innovation