Modeling Institutional Production of Higher Education

Abstract The article examines the relative contributions of human and physical resources in the production of private undergraduate education. The research methods are noteworthy in three respects. First, the theoretical orientation emphasizes interdependence among inputs and outputs in higher education. The significance of simultaneity among quality students, faculty and institutional output is demonstrated via a three-stage least-squares technique. Second, the study introduces an output variable reflecting the quantity and quality of institutional production. Finally, the exclusive emphasis on private undergraduate institutions offers a well focused perspective for policy decisions in this area of higher education.

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