Admission, Tuition, and Financial Aid Policies in the Market for Higher Education
高等教育市场中的招生、学费与经济资助政策
We present an equilibrium model of the market for higher education. Our model simultaneously predicts student selection into institutions of higher education, financial aid, educational expenditures, and educational outcomes. We show that the model gives rise to a strict hierarchy of colleges that differ by the educational quality provided to the students. We also develop a new estimation procedure that exploits the observed variation in prices within colleges.…