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The recent financial crisis had a profound effect on both public and private universities, which faced shrinking endowments, declining charitable contributions, and reductions in government support. Universities responded to these stresses in different ways. This volume presents new evidence on the nature of these responses, and on how the incentives and constraints facing different institutions affected their behavior. The studies in this volume explore how various practices at institutions of higher education, such as the drawdown of endowment resources, the awarding of financial aid, and spending on research, responded to the financial crisis. The studies examine universities as economic organizations that operate in a complex institutional and financial environment. The authors examine the role of endowments in university finances and the interaction of spending policies, asset allocation strategies, and investment opportunities. They demonstrate that universities' behavior can be modeled using economic principles.

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Aspiring college students and their families have many options. A student can attend an in-state or an out-of-state school, a public or private college, a two-year community college program or a four-year university program. Students can attend full-time and have a bachelor of arts degree by the age of twenty-three or mix college and work, progressing toward a degree more slowly. To make matters more complicated, the array of financial aid available is more complex than ever. Students and their families must weigh federal grants, state merit scholarships, college tax credits, and college savings accounts, just to name a few. In College Choices, Caroline Hoxby and a distinguished group of economists show how students and their families really make college decisions-how they respond to financial aid options, how peer relationships figure in the decision-making process, and even whether they need mentoring to get through the admissions process. Students of all sorts are considered-from poor students, who may struggle with applications and whether to continue on to college, to high aptitude students who are offered "free rides" at elite schools. College Choices utilizes the best methods and latest data to analyze the college decision-making process, while explaining how changes in aid and admissions practices inform those decisions as well.

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